Israeli tech company Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI), which provides metrology devices for advanced process control used in semiconductor manufacturing, saw its share price jump to a record high on Friday, after reporting strong fourth quarter results on Thursday, beating the analysts' forecasts, and after US investment bank Jefferies raised its price target.
Nova's share price rose 7.9% on Thursday and Friday to $168.95, giving a market cap of $4.853 billion.
Nova, managed by CEO Gabi Waisman, reported revenue of $132 million in the fourth quarter of 2023 and non-GAAP net profit of $43.6 million - earnings per share of $1.36. In full year 2023, the company reported revenue of $518 million, down 9.3% from 2022, GAAP net profit of $136 million and non-GAAP net profit of $156 million - earnings per share of $4.86. Nova's forecast for the first quarter of 2024 is revenue of $134-140 million and earnings per share of $1.21-1.33.
Following publication of the financial results, Jefferies raised Nova's price target from $140 to $200, an 18.4% premium on the current market price and kept its recommendation at "Buy." Benchmark also has a "Buy" recommendation for Nova.
Published by Globes, Israel business news - en.globes.co.il - on February 18, 2024.
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