Nova (NVMI – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Mark Miller from Benchmark Co. maintained a Buy rating on the stock and has a $295.00 price target.
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Mark Miller’s rating is based on Nova’s exceptional financial performance and promising growth prospects. Nova reported record-breaking quarterly results, with significant sales in materials metrology, chemical metrology, and dimensional stand-alone metrology, primarily fueled by gate-all-around devices. The company also achieved a notable 19% year-over-year increase in service sales and double-digit growth in chemical sales, indicating robust demand and successful market execution.
Furthermore, the Advanced Logic, AP, and HBM sectors are anticipated to drive Nova’s results in 2025, with non-GAAP earnings expected to grow by 34% year-over-year to $8.98 per diluted share. Mark Miller highlights Nova’s strategic positioning with its integrated tools being utilized by four of the top five AP customers, and the adoption of the Metrion tool by a leading memory manufacturer. These factors, coupled with Nova’s improved sales figures and increased market penetration, justify the Buy rating and a revised target price of $295.
According to TipRanks, Miller is a 5-star analyst with an average return of 15.3% and a 51.52% success rate. Miller covers the Technology sector, focusing on stocks such as Western Digital, Amtech Systems, and Nova.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $290.00 price target.