Needham & Company Lifts PT on Nova Measuring Instruments (NVMI) Post Conference

Needham & Company raised its price target on Nova Measuring Instruments (NASDAQ: NVMI) from $9 to $10 while maintaining a Buy rating.

The firm comments, "Earlier this week, NVMI CEO Gabi Seligsohn presented at the 15 th Annual Needham Growth Conference in New York City. The tone of the presentation was upbeat as we believe NVMI is not only enjoying the near-term pick-up of foundry orders, but longer-term growth trends in its segment are confirming our belief in the underlying secular story behind the company. We believe in every node transition, demand for metrology technologies, particularly OCD, will continue to grow at a higher rate than WFE, driven by new applications of these technologies. Additionally, we believe NVMI has made good progress with the new 3D packaging too. Despite the stock’s run-up this week, we see upside to estimates and therefore reiterate our Buy and raise our PT to $10 (from $9), translating to a 2014E EV/S of 1.7X or a P/E of 19X."


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 $8.42 yesterday.

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