KeyBanc Reiterates Overweight Rating on Materion Corp. (MTRN)

KeyBanc analyst Philip Gibbs reiterated an Overweight rating and $125.00 price target on Materion Corp. (NYSE: MTRN).

The analyst commented, "'Following Materion Corporation's (MTRN) 3Q24 earnings/our analysis, we modestly increase our 2024E via its 4Q24 outlook and maintain our 2025E.
We maintain our $125 price target and Overweight rating via our 2025 growth expectations."

"We raise our FY24 EPS to $5.26 (from $5.23). This compares to MTRN's current FY24 EPS guidance of $5.20-$5.40, which was cut from $5.60-$5.75 in early October. This includes a 4Q24E of $1.47 (from $1.45) vs. $1.41 in 3Q24 — the modest q/q improvement reflects seasonal upside in Performance Materials for defense and space markets and a modest bump from a pick-up in beryllium copper nickel for construction applications (end to aggressive destocking). Key transportation markets — commercial aerospace and automotive — are likely to remain muted. MTRN's key precision clad customer, PMI, is likely to continue to destock into early 2025, impacting those comparisons."

For an analyst ratings summary and ratings history on Materion Corp. click here. For more ratings news on Materion Corp. click here.

Shares of Materion Corp. closed at $105.06 yesterday.

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