Nova initiated with a Buy at Jefferies

Jefferies analyst Vedvati Shrotre initiated coverage of Nova with a Buy rating and $115 price target as part of a broader research note on Semi Cap Equipment. The firm favors the company as an "optical metrology pure-play" and a Foundry/Logic beneficiary, forecasting its revenues to grow at a CAGR of 8% over the next 5 years. As a pure front-end play, Nova has the highest margins relative to Onto and Camtek, the analyst tells investors in a research note.