Needham & Company Raises Price Target on Camtek Ltd (CAMT) Following Strong 2Q

Needham & Company reiterated a Buy rating on Camtek (NASDAQ: CAMT), and raised the price target to $4.00 (from $3.00), following the company's 2Q earnings report. Revenue of $27.3M was above guidance of $25-27MM and consensus of $26.1MM due to strong performance in semi-back end inspection. NG EPS of $0.04 beat the Street's $0.02.

Analyst Edwin Mok commented, "CAMT reported strong 2Q16 results and provided 3Q16 guidance that points to continued growth ahead. We believe the report confirms that CAMT is gaining share in the semiconductor back-end inspection business, driven by its strong position in 3D metrology and growing demand coming from fan-out wafer level packaging (FOWLP), CMOS image sensor, and MEMS. We believe the initial success of the new 2D inspection tool points to more sustainable growth beyond 2H16 and into 2017. While the stock has rebounded recently, we see more catalysts ahead, including a potential exit of the Gryphon business, to drive the share price higher. Reiterate our Buy and raise our PT from $3.00 to $4.00."

For an analyst ratings summary and ratings history on Camtek click here. For more ratings news on Camtek click here.

Shares of Camtek closed at $2.45 yesterday.

You May Also Be Interested In

• JPMorgan Downgrades Dassault Systemes SE (DSY:FP) (DASTY) to Neutral
• BioMerieux (BIM:FP) (BMXMF) PT Raised to EUR122.20 at Berenberg
• Tech Mahindra Ltd. (TECHM:IN) PT Lowered to INR1,065 at Jefferies