Camtek (CAMT) PT Raised to $105 at Jefferies

Jefferies analyst Blayne Curtis raised the price target on Camtek (NASDAQ: CAMT) to $105.00 (from $85.00) while maintaining a Buy rating.

The analyst comments "Another solid quarter led by HPC with CoWoS-like sales to OSATs helping drive growth with overall growth expected next year. CoWoS is continuing to grow, now making up over half of HPC and helping offset the wait-and-see mentality for HBM customers waiting for NVDA orders ahead of a potential Samsung qualification. Growth is expected for the year in 2026, but no further details on the size of growth as we await more details on the HBM market. However, the magnitude of the risk of an HBM correction in the case of Samsung qualifying for HBM4 continues to come down as the rest of the business grows. The technology road map continues to perform well with Eagle Gen 5 ramping throughout the year and the Hawk ramping in the back half, with the ability to detect defects as small as 150nm (important for an eventual move to Hybrid Bonding), suggesting less tech risk vs peers. Overall, still waiting for the HBM dust to settle to provide confidence in DD growth next year, but the continued strength in the rest of the business should help bridge the gap."

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