Needham & Company maintains a Buy rating for Newport Corp. (NASDAQ: NEWP), and raised the price target to $24 (from $23) following a 1Q results.

Needham & Company analyst, James Ricchiuti, commented on NEWP saying, "As expected, bookings stepped down from the record Q4 but grew 5% Y/Y. Mgmt continues to expect double-digit EPS growth for 2015 with the possibility of full-year operating margin nearing the 15% target, which we have NEWP hitting in Q4. While NEWP disclosed that its large semicap OEM has canceled its collaborative development project for a lower-risk current iteration, NEWP's diversification should continue to drive solid mid-single digit growth with significant operating margin expansion. Trading at less than 11x our 2016 non-GAAP EPS est, we expect NEWP shares will continue to move higher in 2015 given the solidbusiness outlook across its major markets."

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Shares of Newport Corp. closed at $19.17 yesterday.