Jefferies analyst Vedvati Shrotre initiated coverage of Onto Innovation with a Buy rating and $100 price target as part of a broader research note on Semi Cap Equipment. Post-merger of Nanometrics and Rudolph in 2019, Onto has emerged as diversified play with 26% of revenue from packaging inspection and metrology and 47% of revenue from optical metrology, the analyst tells investors in a research note. The firm believes the company revenue will grow at a CAGR of 11% over the next 5 years.
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