Cantor Fitzgerald reiterates Overweight Rating on MKS Instruments (MKSI)He said, "While the results here are solid with 4Q Revenue/EPS of $935M/$2.16 (ahead of our previewed $930M/$2.10 and consensus $914M/$1.95), the guide is a bit more perplexing. Revenue of $910M at the mdpt for 1Q looks fine in this "mixed demand backdrop" vs our previewed/cons of $915M/ $908M, but the EPS guide of $1.40 +/- $0.27 is coming in well below our previewed/cons $1.70/1.62, causing a 5%+ sell-off after-hours. Frankly, we are not so sure what is driving the shortfall here - so this will be a key area of focus for tomorrows call. Beyond this EPS shortfall, our primary focus areas tomorrow will be around cyclical indicators (i.e., utilization rates, spares business, chemistry sales, etc.), thoughts on NAND upgrade cycle opportunity (including inventory digestion update), potential new wins (last Q, announced new Photonics customer), outlook on WFE dynamics into next year (and MKS opportunity), and pace of debt paydown (note $100M voluntary prepayment in Jan vs $216M last Q). But overall, a rocky start for the companys earnings here, and we look to update our model and thoughts on the name following tomorrows earnings call."