Deutsche Bank analyst Sidney Ho last night downgraded Entegris to Hold from Buy with a price target of $49, up from $46. The company's financial performance has done well in 2019 despite the semicap equipment market reeling from a sharp decline in memory spending, Ho tells investors in a research note. The analyst's scenario analysis suggests that without additional leverage, the company could achieve ~3.00 in earnings per share for the full year in 2021. However, Ho believes earnings upside is already reflected in Entegris shares. As such, the analyst cites valuation for the downgrade to Hold.