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Needham analyst James Ricchiuti maintained MKS Instruments, IncMKSI with a Buy and cut the price target from $105 to $95.
With growing signs of a deepening WFE spending downturn in 2023, he again reduced estimates for MKS, which will report Q3’22 results after the market close on November 2.
In late September, he issued revised estimates for MKS, including the recently acquired Atotech business and a tempered outlook for the legacy MKS business.
Since that time, there have been several negative data points, including a preannouncement from Applied Materials, IncAMAT and a weak 2023 WFE outlook from Lam Research CorpLRCX, both large customers of MKS, along with reports of reduced semi cap-ex from leading semi companies.
The deteriorating WFE outlook comes at a time of new U.S. export restrictions for U.S. WFE and related parts and services sold in China.
He re-rated MKS as shares have likely troughed in anticipation of reductions in Street estimates.
Price Action: MKSI shares traded higher by 0.04% at $77.66 on the last check Friday.
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