Needham & Company Boosts PT on Nova Measuring Instruments (NVMI) to $11

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Needham & Company raised its price target on Buy-rated Nova Measuring Instruments (NASDAQ: NVMI) from $11 to $10 following better-than-expected Q4 results and stronger guidance.

"While investors generally seem to understand its better positions at foundries relative to peers (and therefore were likely expecting higher guidance), NVMI appears to be
gaining momentum at the leading edge and should grow revenue beyond the current quarter. Beyond 1H13, moderation of foundry orders and the company’s lack of exposure to Intel (Hold) could pose risk to 2H13. However, we believe the long-term secular trend of increased OCD adoption, coupled with NVMI’s success at the leading edge and its efforts in expanding its servable market, will offset any softening in the foundries, driving outperformance for NVMI. Therefore, we reiterate our Buy and raise our PT to $11, or a 2014E P/E of 20X."

For an analyst ratings summary and ratings history on Nova Measuring Instruments click here. For more ratings news on Nova Measuring Instruments click here.

Shares of Nova Measuring Instruments closed at $9.08 yesterday, with a 52 week range of $6.82-$9.50.

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