Here’s What the Street is Thinking About Onto Innovation Inc. (ONTO)

Onto Innovation Inc. (NYSE:ONTO) is one of the best momentum stocks to buy according to analysts. Onto Innovation Inc. (NYSE:ONTO) received several rating updates following the release of financial results for fiscal Q1. Jefferies lifted the price target on Onto Innovation Inc. (NYSE:ONTO) to $350 from $325 on May 7, maintaining a Buy rating on the shares. The firm told investors in a post-earnings note that the base business in HBM and CoWoS is continuing to see upside, while new opportunities are starting to layer in.

Onto Innovation Inc. (NYSE:ONTO) also received a rating update from Oppenheimer the same day. The firm lifted the price target on the stock to $370 from $350, maintaining an Outperform rating on the shares and stating that the company had already pre-announced stronger-than-expected Q1/Q2 guidance last month. Therefore, while it was never positioned for a big “beat,” it still had positive surprises. Oppenheimer further stated that the stock was down after hours on reflexive profit-taking after 93% year-to-date, but the firm would not over-read the reaction and anticipates investor attention to quickly refocus on strengthening fundamentals.

Onto Innovation Inc. (NYSE:ONTO) is involved in the design, development, manufacture, and support of high-performance control metrology, defect inspection, lithography, and data analysis systems used by microelectronics device manufacturers. The company is also involved in offering process and yield management solutions used in bare silicon wafer production and wafer processing facilities.

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