Onto Innovation price target lowered to $175 from $245 at Jefferies

Jefferies lowered the firm’s price target on Onto Innovation (ONTO) to $175 from $245 and keeps a Buy rating on the shares as part of a broader research note refreshing the firm’s WFE semiconductor outlook ahead of Q1 earnings. The firm expects strong DRAM and beginning of NAND recovery, albeit off a low base, the analyst tells investors in a research note. Jefferies adds however that its is reducing its estimates due to Samsung (SSNLF) HBM – High Bandwidth Memory – capacity digestion.