UPDATE: BofA Securities Starts Nova Measuring Instruments (NVMI) at Buy ; 'Street High' $100 PT
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BofA Securities analyst Jamie Zakalik initiates coverage on Nova Measuring Instruments (NASDAQ: NVMI) with a Buy rating and a "Street High" price target of $100.00.
The analyst comments "We initiate coverage of Nova Measuring Instruments (NVMI) with a Buy rating and PO of $100 (23% upside), based on 31x our CY22E EPS (cash adj.), which is slightly above peer avg. 28x but justified given NVMI’s superior GMs (58%, 800bp above peers) and unique X-Ray thin-film metrology capabilities. We forecast an industry leading 13% sales and 17% EPS CAGR from 2020-2023E, driven by share gains in the critical $1.2bn TAM thin-film metrology segment of the semicap equipment market – our favorite end market in semis benefitting from rising cost/complexity of manufacturing and silicon nationalism."
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