MKS Instruments (MKSI) stock surged over 14% in pre-market trading on November 7th, 2024, after the semiconductor equipment maker reported better-than-expected third-quarter results and provided an optimistic outlook for the current quarter.

The company reported Q3 non-GAAP earnings per share of $1.72, up 17.9% year-over-year and beating analysts' estimates of $1.45. Revenue came in at $896 million, down 3.9% from the prior year but exceeding consensus expectations of $874.7 million.

"While the overall demand environment remains muted, MKS Instruments is well-positioned for the expected market recovery due to its broad portfolio of market-leading solutions," said CEO John T.C. Lee, as quoted by Stock Track.

Following the strong results, analysts from Cantor Fitzgerald and Morgan Stanley reiterated their "Buy" ratings on MKSI, with Cantor Fitzgerald setting a price target of $1...