Onto Innovation Upgraded To Buy At Jefferies, Shares Gain 4%

Shares of Onto Innovation Inc. (NYSE: ONTO) rose more than 4% pre-market Tuesday after Jefferies upgraded the stock to Buy from Hold and increased its price target to $170 from $100.

The firm cited improved confidence in Onto’s ability to regain lost CoWoS share following recent management meetings. Jefferies said it expected revenue to bottom in the first quarter of 2026 before reaccelerating in the second half of the year, supported by ongoing accelerator builds and tightening memory markets.

The brokerage raised its earnings forecasts to $5.55 for 2026 and $7.08 for 2027, applying a 24x multiple on 2027 EPS to derive its new target.