Stifel analyst Patrick Ho notes that Tokyo Electron, a leading supplier of semiconductor and display equipment, reported December quarter results and not surprisingly provided industry forecasts that once again support his view of a strong WFE and display equipment spending environment. The analyst is also incrementally more positive on these trends continuing into 2019, and believes the continued pullback in the group represents a buying opportunity for some of his most preferred names. On the large cap side, Ho continues to favor Applied Materials (AMAT), while on the small cap side, his most preferred name is MKS Instruments (MKSI). The analyst reiterates a Buy rating on both names.