Initiate at Outperform: WFE and Chemistries for the AI Chip & Package Build-Out

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Initiate at Outperform: WFE and Chemistries for the AI Chip & Package Build-Out

June 30, 2026 | 05:55 ET~

MKS Inc.

MKSI-NSDQ Rating Price: Jun-29 Target Total Rtn US Chemicals

Outperform $416.00 $453.00 9%

Bhavesh Lodaya Analyst

bhavesh.lodaya@bmo.com (347) 274-1393

John P. McNulty, CFA Analyst

Initiate at Outperform: WFE and Chemistries for the john.mcnulty@bmo.com (646) 946-8428

Caleb Boehnlein Senior AssociateAI Chip & Package Build-Out

caleb.boehnlein@bmo.com (347) 906-1860

Bottom Line: Margarita Margulis Associate

We are initiating coverage on MKSI with an Outperform rating and a $453 target margarita.margulis@bmo.com (332) 257-0592

price. MKS offers one of the broadest critical-subsystem franchises in semiconductor Legal Entity: BMO Capital Markets Corp.

WFE, alongside exposure to advanced PCB and packaging process steps through its

2YR Price Volume Chart

equipment and chemistry portfolio. We view MKS as a levered beneficiary of the dual 450

AI/data center build-out drivers—expanding semiconductor capacity supporting tool 400350

demand, and rising materials intensity at the leading edge and in advanced packaging. 300

With cycle duration extending, we see attractive upside and compelling risk/reward 250 76

200 5

over the medium-term. 150 43

100 2

Key Points 50 Dec Jun Dec Jun 0

LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Exposure to Industry Investments: MKS is the only company selling content in Company Data in $

both of AI's primary hardware build-outs simultaneously: semiconductor wafer

Dividend $1.00 Shares O/S (mm) 67.5

fabrication, where it addresses more than 85% of WFE (wafer fabrication equipment)

applications across the big-five OEMs, and advanced PCB (printed circuit board) and Yield 0.2% Market Cap (mm) $28,097