Nova Measuring Instruments (NVMI) PT Raised to $290 at Citi

Citi analyst Atif Malik raised the price target on Nova Measuring Instruments (NASDAQ: NVMI) to $290.00 (from $240.00) while maintaining a Buy rating.

The analyst comments "NVMI stock traded up MSD intraday after position another "beat and raise" result. The company continues to see strong traction across all three product divisions among both F/L and memory customers. Advanced packaging revenue doubled in 2024 to ~15% of product revenue and is expected to grow double-digits in 2025 and gain market share with the Sentronics acquisition on critical dimensions metrology side. GAA remains to be robust and is on track to reach the $500M revenue target in 2026. Overall, management is confident on outperforming WFE in 2025 (MSD growth) with limited China impact but declining revenue %, and services is expected to grow 10-15%. We update our CY25/26 EPS estimates to $7.99/$8.80. Our TP moves to $290 on 33x P/E times CY26E EPS, up from 31x prior on incremental AP opportunities. Remain Buy-rated and top SMID pick, and we await Investor Day on March 17 for more updates."

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