Onto Innovation price target raised to $160 from $115 at Evercore ISI

Evercore ISI raised the firm’s price target on Onto Innovation (ONTO) to $160 from $115 and keeps an Outperform rating on the shares. The firm likes the Onto setup into the print, as it believes the company is well positioned to benefit from the re-acceleration in memory/high bandwidth memory spend. Onto screens as the lowest price/equity stock in the firm’s coverage universe, with the firm expecting Onto’s P/E multiple to re-rate as the company posts upside surprises and benefits from acceleration in memory spending, the analyst tells investors in a research note.