UPDATE: Citi Raises PT on ATMI to $20 (ATMI)

Citi is out with its report today on ATMI ATMI, raising its PT from $15 to $20. In a note to clients, Citi writes, "In terms of valuation, we are raising our target from $15 to $20 on 15x its 2012 EPS of $1.06 plus $4/shr net cash (vs. 12x for more cyclical semicap equipment names), but maintain our Hold rating given the potential risk of wafer start roll-over in 2H and limited contribution from non-semi new products in the next 12 months." At the time of posting, shares of ATMI were trading at $19.34, up 0.36% from Wednesday's close.