Onto Innovation initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Shane Brett initiated coverage of Onto Innovation (ONTO) with an Overweight rating and $371 price target The company offers one of the best opportunities in spectroscopic ellipsometry, the analyst tells investors in a research note. The firm models Onto’s advanced node revenue growth at 30% in 2026, above wafer fab equipment growth of 27%, the analyst tells investors in a research note. Morgan Stanley also models Onto’s specialty device and advanced packaging revenue growth at 46% in 2026 and 38% in 2027, led by Dragonfly G5. It sees upside to consensus estimates and potential for a multiple re-rating of the shares.

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