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.
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