Orbotech (ORBK) PT Raised to $24 at Oppenheimer on Strong Start for 2015

Oppenheimer analyst Andrew Uerkwitz reiterate an Outperform rating and boosted his price target on Orbotech Ltd. (NASDAQ: ORBK) to $24.00 (from $21.00) following strong Q1 results.

Uerkwitz commented, "ORBK reported 1Q15 revenues/EPS of $185.8M/$0.48, beating consensus estimates of $181.2M/$0.43 and our $181.2M/$0.45. Temporary weakness in PCB business was more than offset by FPD and SPTS. The company started the year strong and we see negative catalysts few and far between. We expect a new wave of investments in FPD and MEMS manufacturing capacity, in addition to secular growth of semiconductor advanced packaging process, to continue to provide sustainable growth momentum for ORBK in the next 2-3 years. We believe ORBK is significantly undervalued despite a clear long-term growth trajectory."

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

Shares of Orbotech Ltd. closed at $17.95 yesterday.

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