Onto Innovation Inc. (ONTO) saw its stock price soar 5.93% in pre-market trading on Friday, continuing its positive momentum from the previous session.
The significant pre-market gain is attributed to the company's release of preliminary first-quarter results that exceeded market expectations, coupled with an upward revision to its second-quarter guidance, signaling strong business confidence. Additionally, the stock received multiple analyst upgrades and target price increases. B. Riley raised its target price to $310 from $275, Stifel upgraded the stock from Hold to Buy and lifted its target to $350 from $220, and Jefferies increased its target price to $325 from $300.
Within the semiconductor equipment sector, overall sentiment was positive, with peers like ASML Holding NV and Lam Research also posting gains, though Onto Innovation notably outperformed the broader group.