KeyBanc raised the firm’s price target on MKS Inc. (MKSI) to $360 from $310 and keeps an Overweight rating on the shares. The firm notes shares rose following its Q1 call. KeyBanc’s long-held thesis of cyclical recovery in Semi, secular growth in Advanced Packaging, and deleveraging is working, yet MKS still trades at a discount to peers. This is an opportunity as current Semi demand is being driven by process intensity and node transitions with the next leg being new fabs. In E&P, the firm expects AP will continue to expand in both density and volume, supporting equipment and chemistry growth.
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