Onto Innovation price target raised to $370 from $350 at Oppenheimer

Oppenheimer analyst Edward Yang raised the firm’s price target on Onto Innovation (ONTO) to $370 from $350 and keeps an Outperform rating on the shares. Onto had already pre-announced stronger-than-expected Q1/Q2 guidance last month, so was never positioned for a big “beat,” but still had positive surprises, the firm says. The stock was down after hours on reflexive profit-taking after 93% year-to-date, but Oppenheimer would not over-read the reaction and expects investors to quickly refocus on strengthening fundamentals.