Onto Innovation price target raised to $140 from $135 at B. Riley

B. Riley raised the firm’s price target on Onto Innovation to $140 from $135 and keeps a Buy rating on the shares. The firm says optimism is “convincingly rising” that solid 2024 and 2025 capex growth lies ahead for semiconductor capital equipment names. FBR believes the fundamental profile and recent stock action mean investors again view semi caps as a growth cyclical, a stance that it believes should be supported if end demand can gradually improve.