01:00 PM EDT, 05/21/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target $2 to $151 on a P/E of 21x our FY 25 (Oct.) EPS view, near peers. We cut our FY 24 EPS to $5.93 from $6.11 and FY 25's to $7.20 from $7.46. KEYS printed Q2 EPS of $1.41 vs. $2.12, above consensus by $0.02. Revenue fell 13% to $1.2B, driven by a sharp downturn in orders (-8%). The CSG segment declined 10%, with commercial communications and aerospace/defense/government declines, partially offset by benefits from backlog conversion. On the demand front, orders were flat Y/Y, but grew 4% sequentially. We see investments in defense modernization continuing to drive activity in aerospace/defense. EISG revenue declined 17% on large fab projects continuing to be delayed. Consumer electronics, manufacturing, and distribution demand remains constrained, while the European EV funnel on the automotive side remains steady with a second win in the quarter. Looking ahead, we believe orders will continue declining moderately as customers remain judicious with spending amid inventory corrections.