Camtek price target raised to $98 from $95 at Needham

Needham raised the firm’s price target on Camtek (CAMT) to $98 from $95 and keeps a Buy rating on the shares. Needham sees 2025 as likely the peak WFE, saying the current semiconductor upcycle “will be lukewarm,” and the next downturn could hit in the second half of 2026. The firm is also acknowledging that after tripling AI revenue in 2023 and doubling again in 2024, it is unlikely for Camtek to maintain growth at the same pace, though it continues to view the name as having the highest exposure and the best leverage to AI in semicap, adding that Camtek should be able to pull itself ahead and outperform in a tough WFE environment, the analyst tells investors in a research note.