Nova Measuring Instruments (NVMI) PT Raised to $105 at Citi

Citi analyst Atif Malik raised the price target on Nova Measuring Instruments (NASDAQ: NVMI) to $105.00 (from $97.00) while maintaining a Buy rating.

The analyst commented, "We view equipment makers as beneficiaries of the “foundry capex wars” and US “Chips Act”, where cash and incentives are given to semiconductor companies to regain the manufacturing lead. Investors are increasingly looking at the 2022 WFE set-up which looks favorable, in our view. That said, we believe strong 2021 WFE
growth expectations are mostly priced in. Therefore, we expect some profit-taking in the equipment stocks through the summer. We update our model post Mar-Q earnings, maintain our Buy rating, and raise our TP to $105 from $97 using a
consistent valuation methodology or 32x P/E on our revised CY22 EPS of $3.30. We view the stock as a beneficiary of both foundry capex wars and 3D device adoption themes."

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