Onto Innovation price target raised to $215 from $188 at Stifel

Stifel raised the firm’s price target on Onto Innovation to $215 from $188 and keeps a Buy rating on the shares after having hosted meetings with the company’s management. While there was no update to the near-term outlook with Onto currently in a quiet period, the firm said it detected “an optimistic tone relating to a few key focus areas for investors,” including growth prospects in advanced packaging, and signs of a cyclical recovery in the wafer fab-driven, advanced nodes business. Following the meetings, the firm believes Onto is on track to achieve its growth targets this year and on the path to “establishing record revenue/profitability through the upcycle,” the analyst tells investors.