Onto Innovation price target raised to $95 from $90 at DA Davidson

DA Davidson analyst Thomas Diffely raised the firm’s price target on Onto Innovation to $95 from $90 and keeps a Buy rating on the shares after its Q4 earnings beat. While the company’s 2023 revenue is now expected to decline by 18%-20% Y/Y, versus prior expectations of 10%-15%, this is still better than the industry, the analyst tells investors in a research note. Despite the near-term downturn however, Onto Innovation continues to penetrate into new segments and secure new customers wins, the firm added.