5 Best Mid-Cap AI Stocks to Buy According to Analysts

3. Onto Innovation Inc. (NYSE:ONTO)

Potential Upside: 38.2%

Onto Innovation Inc. (NYSE:ONTO) has seen some bullish analyst activity recently, with Craig Ellis of B. Riley Securities revising his target price upward from $330 to $365. This is in continuation of the general trend since the May 5 earnings report. Following the company’s solid earnings, Edward Yang of Oppenheimer reiterated his bullish stance and raised the firm’s price target on the stock from $350 to $370. According to the firm, the company had already given stronger-than-expected guidance for Q1 and Q2, so a big earnings beat surprised analysts.

The AI tailwind continues to help the company with its growth ambitions. Jeffries, which also came out with a similar upgrade post-earnings, said the company’s core business in HBM and CoWoS is continuing to improve. Moreover, it added that new growth opportunities are starting to add up over time.

Onto Innovation Inc. (NYSE:ONTO) posted its Q1 fiscal 2026 earnings on May 5, in line with the market expectations. Revenue for the quarter came in at $292 million, representing around 10% sequential increase. Looking ahead, second-quarter revenue is expected to range between $320 million and $330 million. This guidance suggests that full-year 2026 revenue could exceed $1.3 billion.

Onto Innovation Inc. (NYSE:ONTO) is involved in the manufacturing, development, design, and support of process control tools used in semiconductor production. Its product offerings include lithography systems and process control analytical software & automated and integrated metrology systems.