Onto Innovation price target raised to $180 from $175 at B. Riley

B. Riley analyst Craig Ellis raised the firm’s price target on Onto Innovation to $180 from $175 and keeps a Buy rating on the shares. The company’s Q3 print was mixed, with Q4 guidance moderately below estimates but first half of 2024 sales and gross margin color comparatively strong, the analyst tells investors in a research note. The firm believes Onto’s growth and margin expansion set a positive tone for potential 2024 and 2025 industry outperformance even before considering high inorganic growth capacity with $630M in cash and no debt.