Onto Innovation Inc. (ONTO) PT Raised to $100 at Needham & Company

Needham & Company analyst N. Quinn Bolton raised the price target on Onto Innovation Inc. (NYSE: ONTO) to $100.00 (from $81.00) while maintaining a Buy rating.

The analyst commented, "Once again, ONTO reported a beat-and-raise quarter on both the top and bottom line driven by growth in essentially all segments (ex memory). Demand remains incredibly strong from new and existing customers with the highest demand in the specialty devices and advanced packaging markets. ONTO mentioned visibility into the C1H22 is more than encouraging (with a record backlog that is 2x larger than this time last year). Management reiterated its excitement over the next-gen JetStep lithography platform, the first system of which was shipped and 6 more units were added to backlog in 3Q21. ONTO stated that supply chain issues will remain through 1H22, but their domestic suppliers give them an advantage. We are raising estimates and our PT to $100 as FY22 should be another strong growth year for ONTO."

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