Truist 首次覆盖 Entegris 给予买入、目标价190美元，但盈利预测仅高于市场1%，属软催化

Truist Securities initiated coverage of Entegris ( ENTG ) with a Buy rating as its products play an increasingly important role in the semiconductor industry's most advanced technology nodes. "We believe that as one of the premier electronic materials suppliers, ENTG is well-positioned to benefit from increased content into the semiconductor industry's most advanced technology nodes, enabling growth that outperforms the industry in both its consumable-driven portfolio (75% of sales) and its capex-driven sales (25%)," said Truist analyst Peter Osterland in a Wednesday investor report. "Approximately 40% of the company's revenue is tied to advanced logic (above advanced logic's share of industry wafer starts), and as leading-edge technologies continue to advance, we expect that demand for the highest-quality filtration, deposition, and CMP materials will accordingly increase, favoring established suppliers like Entegris." Truist also set a $190 price target on the stock, which has already climbed 87% year to date. "We are establishing 2026E/2027E EBITDA estimates of $1,028M/$1,243M, both +1% above Street," Osterland noted. "We expect earnings growth to be driven by improving semiconductor production volumes, continued demand for advanced logic and memory technologies, and increasing content per wafer across the company's portfolio. We assume high-teens top-line growth within APS and LDD within MS through 2027 and see potential for continued margin growth in both segments over that timeframe." Entegris is scheduled to release its third-quarter earnings results on October 29. A consensus estimate expects adjusted earnings per share of $1.02, GAAP EPS of $0.74, and revenue of $923.8M. During the same quarter last year, Entegris reported an adjusted EPS of $0.72 and $807M in revenue.