MKS Inc. price target raised to $354 from $315 at Morgan Stanley

Morgan Stanley analyst Shane Brett raised the firm’s price target on MKS Inc. (MKSI) to $354 from $315 and keeps an Overweight rating on the shares. The firm says that while it thought June-quarter could be a big quarter, the guide exceeded its expectations, with semi strength tracking above its estimates and E&P tool demand remaining at elevated levels. The pushback Morgan Stanley gets on MKS is that WFE strength and deleveraging are already well understood, while the E&P story is becoming better appreciated. Results, along with its follow-up call with management/IR, make the firm believe the story can still improve.