Onto Innovation downgraded to Hold from Buy at Stifel

Stifel downgraded Onto Innovation (ONTO) to Hold from Buy with a price target of $117, down from $165, post the Q1 report. The company’s Advanced Packaging revenue is operating at a much lower revenue baseline than anticipated due to increased competition, the analyst tells investors in a research note. The firm sees the stock range bound while Onto attempts to stabilize share in logic Advance Packaging.