Morgan Stanley analyst Shane Brett assumed coverage of MKS Instruments (MKSI) with an Overweight rating and $155 price target Following record Wafer Fab Equipment growth in 2024, lead by DRAM and China, the firm forecasts 2025 to be “a transition year” and projects the WFE market to decline 6% year-over-year as the industry digests capacity from 2024, but the firm continues to believe that cyclical recovery in MKS’ semi and E&P business should drive revenue and free cash flow growth, the analyst tells investors.
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