Onto Innovation price target lowered to $230 from $245 at Needham

Needham lowered the firm’s price target on Onto Innovation (ONTO) to $230 from $245 and keeps a Buy rating on the shares. The company’s Q3 results were slightly above estimates and the quarter would have been a decent beat-and-raise if not for a $10M shortfall in litho shipments, the analyst tells investors in a research note. Looking into 2025, Onto management is the most bullish on DRAM, followed by advanced logic and AI packaging, the firm added.