Entegris Inc (ENTG.O) Sep-Q + Investor Day Preview

Citi previews Entegris (ENTG.O) ahead of its September-quarter results (due before the market opens on 10/29) and its Investor Day on 11/9 in NYC. We model Sep-Q revenue/EPS largely in line with consensus and Dec-Q modestly above. Key investor focus this quarter will be MSI acceleration next year and gross margin progress. We are constructive going into Investor Day, where we expect the company to articulate a new Entegris under the new management team, refined strategic priorities and market outperformance, alongside an updated financial target model, including a path from ~48% gross margin today to >50% structurally. We introduce CY2028 estimates and raise our target price to $195 from $170, based on 28x 3-year average P/E applied to CY28 EPS discounted back. Maintain Buy. We expect CY27/28 revenue to grow 15% Y/Y, with gross margin improving to 50% and 52%, respectively.