Stifel analyst Brian Chin upgraded Onto Innovation (ONTO) to Buy from Hold with a price target of $350, up from $220. The firm is surprised by the “muted” share reaction to Onto’s positive preannouncement and the qualification of its new Gen5 Dragonfly system for 2.5D advance packaging. Field checks indicate Onto recently passed TSMC’s New Too Selection Committee, which indicates the new qualification is with TSMC, the analyst tells investors in a research note. Stifel says “this patches a key concern” it had when downgrading the stock last year.
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