Citi Maintains Hold on Entegris (ENTG)

Citi is out with its report today on Entegris ENTG, maintaining Hold. In a note to clients, Citi writes, "In a well-attended analyst day, ENTG updated its growth strategy and provided details of its technologies/products. Near term, ENTG should weather the "mid-cycle" correction we have been calling for well, given that ~70% of revs are from unit-driven demand biz vs. the capex biz exposed to supply issues. Lastly, we are hearing more talk in recent weeks of 450mm – while still at least 3 years away, ENTG is one of the better ways to play this transition in our view." Citi maintains a $9 PT on ENTG. Shares of ENTG closed Thursday at $9.06, up 1.57% from Wednesday's close.