In a relatively expensive market, I don't expect to find many bargains and such is the case with MKS Instruments (NASDAQ:MKSI). That said, this manufacturer of components and subsystems for the semiconductor equipment industry doesn't look overly expensive and management has a good recent track record with respect to revenue and margin performance versus sell-side expectations.
The unpredictability of the semiconductor equipment cycle is basically a permanent risk factor, but the acquisition and integration of Newport should expand the company's opportunities within its core semiconductor market, as well as deliver new opportunities outside this notoriously cyclical sector.
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MKS Instruments Leveraging Its Strengths And Pursuing New Opportunities