Camtek (CAMT) PT Raised to $161 at Morgan Stanley

Morgan Stanley analyst Shane Brett raised the price target on Camtek (NASDAQ: CAMT) to $161.00 (from $151.00) while maintaining a Equalweight rating.

The analyst commented, "The key debate on whether Camtek can outperform WFE in 2026/27 comes down to two issues: 1) China: We forecast China WFE to undergrow global WFE in 2026/27, with non-China WFE up 29%/32% versus China at 12%/17%. Given Camtek’s above-market China exposure (49% of 2025 revenue vs 36% of global WFE), this creates a portfolio mix headwind. 2) HBM: We expect HBM additions to reaccelerate in 2026 after a slower 2025, and model 31% y/y growth in Camtek’s HBM business. That said, we expect competition with KLA to intensify in 2027, leading HBM growth to decelerate to 23%. We raise our CY26 revenue/EPS forecast from $559mn/$3.59 to $574mn/$3.70, and our CY27 forecast from $674mn/$4.56 to $716mn/$4.89, reflecting a sharper acceleration from the JunQ driven by China & HPC. We maintain our 31x target multiple, lifting our PT from $151 to $161."

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