Onto Innovation price target raised to $275 from $260 at Oppenheimer

Oppenheimer raised the firm’s price target on Onto Innovation (ONTO) to $275 from $260 and keeps an Outperform rating on the shares. Onto reported in-line Q3 revenue growth, driven by continued strong demand for Dragonfly, recovery in Advanced Nodes, and record power semiconductors, though tempered by a $10M order push-out for JetStep Lithography, the analyst tells investors in a research note. Onto is conservatively not baking in incremental high bandwidth memory revenue comparable with its strengthening CoWos visibility, the firm says.