Onto Innovation price target lowered to $150 from $240 at Oppenheimer

Oppenheimer lowered the firm’s price target on Onto Innovation (ONTO) to $150 from $240 and keeps an Outperform rating on the shares for patient investors willing to ride near-term turbulence. The firm is also lowering its 2025/2026 estimates for Onto Innovation as part of broader semicap revisions: cutting revenue/EPS by 4%/10% for 2025 and 19%/25% for 2026. This reflects worsening macro, policy errors and demand retrenchment after WFE doubled from 2019-2024 to $100B. While volatility will likely persist, Oppenheimer thinks Onto’s strong AI packaging leadership, minimal China risk, and $852M net cash cushion support long-term growth.