Onto Innovation price target raised to $92 from $75 at Needham

Needham analyst Quinn Bolton raised the firm’s price target on Onto Innovation to $92 from $75 and keeps a Buy rating on the shares after its Q4 earnings beat. While the company’s Q1 EPS forecasts are below estimates, its gross margins should begin to improve in Q2 and move higher through the year as elevated prices come down and cost- optimization actions come to fruition, the analyst tells investors in a research note. The firm also sees a more normalized earnings environment looking out to FY24.