UPDATE: Topeka Capital Markets Initiates Cabot Microelectronics at Hold on Soft End-Markets

Topeka Capital Markets initiated coverage on Cabot Microelectronics

with a Hold rating and a $33 price target. Topeka Capital Markets commented, "CCMP is a leading supplier of critical enabling CMP chemicals and materials used by semiconductor manufacturers. Demand for its products generally correlate with wafer starts, but CCMP's growth profile is augmented by increasing traction in CMP pads, where the Company has good momentum thanks to market share gains. The industry's current backdrop, however, is soft, making it difficult to envision CCMP posting strong results near-term, and dissuading us from recommending the stock, despite reasonably attractive valuation and FCF yield metrics." Cabot Microelectronics closed at $31.14 on Monday.