Oppenheimer lowered the firm’s price target on Onto Innovation (ONTO) to $130 from $150 and keeps an Outperform rating on the shares. The firm notes the company reported record Q1 revenue of $267M and EPS of $1.51, beating expectations. However, Oppenheimer’s February concern around intensifying competition materialized, as the large platform player exploited a temporary gap in ultra-high sensitivity 2.5D inspection, challenging Onto’s dominant AI packaging share. This shifts the share dynamic to a two-way story, although Onto plans to plug the hole with next-gen platforms evals shipping in the second half of 2025, which may also unlock longer-term upside in front-end macro inspection, supplementing gains in films, integrated metrology, and possibly 3Di bump.
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Read More on ONTO:
- Onto Innovation: Buy Rating Maintained Amid Market Share Challenges and Segment Strengths
- Onto Innovation: Strong Performance and Strategic Moves Support Buy Rating
- Onto Innovation: Hold Rating Amid Mixed Earnings and Competitive Pressures
- Onto Innovation downgraded to Hold from Buy at Stifel
- Onto Innovation Achieves Record Revenue in Q1 2025
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