Jefferies Analyst Starts Camtek Coverage with Strong Buy Rating and Raised Price Target

By Don Francis, Editor
May 14, 2024 9:31 AM UTC
Jefferies Analyst Starts Camtek Coverage with Strong Buy Rating and Raised Price Target

Jefferies's Blayne Curtis assumed coverage on Camtek (NASDAQ: CAMT) with a Strong Buy rating. The analyst also raised their price target by 20% from $100 to $120.

According to Curtis, the U.S. semiconductor sector is poised for a strong upcycle with a bullish long-term view. The analyst believes that the sector is still in the early stages of the cycle and that the current cycle will be even stronger with the integration of artificial intelligence (AI).

Camtek, a company that develops, manufactures, and sells inspection and metrology equipment for the semiconductor industry, recently reported its Q1 2024 earnings. The company beat expectations with an EPS of $0.63, surpassing the Zacks Consensus Estimate of $0.57. Additionally, Camtek reported revenue of $97 million, beating the Zacks Consensus Estimate of $93.8 million.

Looking ahead, Camtek's management has guided for Q2 2024 revenue of $100 million to $102 million.

In addition to the coverage initiation on Camtek, Curtis also made several changes to other stocks in their portfolio on May 13, 2024. Curtis lowered the price targets and downgraded the ratings on several companies, including Applied Materials Inc, Interdigital Inc, Navitas Semiconductor Corp, and Arteris Inc. However, Curtis maintained a Strong Buy rating on Advanced Micro Devices Inc while lowering the price target.

Camtek currently enjoys a positive sentiment from analysts, with 100% of top-rated analysts rating the stock as either a Strong Buy or Buy. No analysts see it as a Hold, and there are no recommendations to sell the stock.

Since Camtek's latest quarterly report on May 9, 2024, the stock price has increased by 1.4%. Year-over-year, the stock has surged by an impressive 232.6%. During this period, Camtek has outperformed the S&P 500, which has seen a 26.2% increase.

Jefferies analyst Blayne Curtis, the individual responsible for the coverage initiation on Camtek, is highly regarded in the industry. WallStreetZen ranks Curtis in the top 4% out of 4,581 Wall Street analysts, with an average return of 13.4% and a 50% win rate. The analyst specializes in the Technology and Communication Services sectors.

Camtek Ltd., headquartered in Migdal HaEmek, Israel, develops, manufactures, and sells inspection and metrology equipment for various segments of the semiconductor industry. The company's products, including the Eagle-i, Eagle-AP, and Golden Eagle systems, cater to the advanced interconnect packaging, memory, image sensors, micro-electro mechanical systems, and radio frequency sectors. Camtek operates in the Asia Pacific, the United States, and Europe.

Is CAMT a Buy, Hold or Sell?

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