UPDATE: Stifel Nicolaus Upgrades MKS Instruments to Buy on Cyclical Bottom

Stifel Nicolaus raised its rating on MKS Instruments MKSI from Hold to Buy and established a $29 price target. Stifel Nicolaus commented, "On a fundamental basis, we believe the company and industry are at a cyclical bottom, and although a rebound may be a quarter or two away (excluding any further macroeconomic shocks), we do not see any significant downside on our current forward estimates. We believe the company's OEM customers (notably, those like Applied Materials and Lam Research) are likely at an orders and shipments trough as well, and over the next quarter or two, will work through any excess component inventory situation." MKS Instruments closed at $22.74 on Thursday.