Citi upgraded Nova (NVMI), Advanced Energy (AEIS), FormFactor (FORM), MKS Instruments (MSKI), and Veeco (VECO) to Buy from Neutral with price targets of $240, $138, $51, $130, and $33, respectively. After a 30% correction in the second half of 2024, the group is largely discounting a down 2025 wafer fab equipment year driven by lower domestic China and weak consumer memory demand offset partially by continued artificial intelligence spend tailwinds, the analyst tells investors in a research note. Citi expects key stock performance indicators like estimate revisions and memory pricing momentum to trough in the first half of 2025. The risk/rewards appear skewed to the upside as the group trades closer to historically attractive price-to-earnings levels and a discount to the S&P 500, contends the firm. As such, it is going “all in” and upgrading the fire stocks to align with “Phase 1” of its cyclical stock picking framework.