Cowen Lifts PT on Orbotech (ORBK) to $31; Solid Quarter and Guidance Reaffirms Confidence

Cowen and Company boosts its price target on Outperform-rated Orbotech (Nasdaq: ORBK) from $29 to $31 following Q1 results, saying that the company is firing on all (3) cylinders.

Analyst Wayne Loeb commented today, With a solid quarter and guide, ORBK is well positioned to take advantage of tech inflections in all three main businesses including advanced packaging (InFO for the AAPL A10, and others), OLED transition and emerging flexible OLED, and Flexible PCB for wearables. Strong GM expected as product mix within segments shifts to more advanced higher margin tools.

Estimate update: Following another solid quarter and guide we are raising our estimates with F2016 increased from $807.6 million/$2.42 to $811.2 million/$2.43. (Street $807.7 million/ $2.45 precall). Our F2017 estimate is raised a bit from $873.4 million/$2.80 to $877.3 million/$2.82.

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

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