Kulicke & Soffa price target raised to $70 from $60 at DA Davidson

DA Davidson analyst Thomas Diffely raised the firm’s price target on Kulicke & Soffa to $70 from $60 and keeps a Buy rating on the shares after meeting with its Senior Director of Finance, Joseph Elgindy. The conversations covered a wide array of topics including trends in the semi industry, new market opportunities, new product rollouts, and margin expansion expectations, the analyst tells investors in a research note. The firm adds that Kulicke & Soffa remains one of its favorite names in the space, having posted solid performance during a challenging environment. The firm also sees the company poised for significant growth in the quarters ahead due to a cyclical recovery as well as several company specific growth drivers.