Orbotech (ORBK) PT Raised to $25 at Needham & Company

Needham & Company analyst James Ricchiuti reiterated a Buy rating and boosted his price target on Orbotech Ltd. (NASDAQ: ORBK) to $25.00 (from $23.00) citing growing confidence in estimates.

Ricchiuti commented, "We met earlier this week with mgmt and came away more confident about ORBK’s prospects in 2015. ORBK, which delivered a strong beat-and-raise Q1, is well positioned, in our view, to meet and possibly exceed expectations over the balance of the year. A recent pickup in activity bodes well for an improved PCB performance in Q2 and 2H. We believe the FPD upturn can extend into 2016. Finally, we believe the 3rd leg to the ORBK growth story in 2015 – the semiconductor device division acquired last year – continues to exceed expectations and, importantly, is providing a new balance to the business that it frankly lacked in previous years. At the same time, we believe there is a greater opportunity for improved operating leverage this year and next. We reiterate our Buy rating and increase our target price to $25 from $23."

For an analyst ratings summary and ratings history on Orbotech Ltd. click here. For more ratings news on Orbotech Ltd. click here.

Shares of Orbotech Ltd. closed at $21.38 yesterday.

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