Analysts Lift Price Targets On This Semiconductor Equipment Manufacturer

Analysts bumped up price targets on Nova Ltd (NASDAQ:NVMI) after it agreed to acquire ancosys GmbH.
Needham analyst Quinn Bolton maintained a Buy and raised the price target from $135 to $150, implying an 8% upside.
The company is expanding its Serviceable Available Market with the acquisition of ancosys in a $100 million deal, the analyst notes, adding that he is “positive” that the deal will also open new opportunities in the fast growing back-end and advanced packaging markets.
Bolton adds that he sees futher opportunity for Nova to leverage its sales channel and customer relationships to grow ancosys’ market share and to target applications beyond electroplating.
Benchmark analyst Mark Miller raised the price target to $146 from $136, implying a 5% upside, and reiterated a Buy rating on the shares after the company agreed to acquire ancosys GmbH.
The combination of Nova’s advanced portfolio and ancosys’ differentiated chemical analysis technology should expand Nova’s total available market beyond front-end semiconductor manufacturing into the back-end and advanced packaging markets.
Price Action: NVMI shares traded higher by 4.93% at $139.06 on the last check Wednesday.