Camtek $CAMT Stock Resurrection Cross, Pull Back

  • Post category:Technology
  • Reading time:2 mins read
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Camtek $CAMT stock confirmed a Resurrection Cross on February 27, 2023, as the stock pulls back to support. There’s definitely some cautious optimism in this stock as the Resurrection Cross sort of flat-lines.

Camtek stock chart on February 27 2023 with a Resurrection Cross
Camtek stock chart on February 27, 2023, with a Resurrection Cross

For the advanced interconnect packaging, memory, complementary metal oxide semiconductor image sensors, micro-electro mechanical systems, radio frequency, and other sectors of the semiconductor industry, Camtek produces and sells inspection and metrology equipment.

On February 16, 2023, Camtek reported Q4 EPS of 50c versus the consensus estimate of 48c. The company reported Q4 revenue of $82.18M versus the consensus estimate of $81.83M. Rafi Amit, Camtek’s CEO commented, “I am pleased to report record revenues for the fifth year in a row. In the last two years our revenues have more than doubled, while our operating profit has more than tripled. We remain well positioned in the fastest growing segments of our industry such as Heterogenous Integration and Compound Semiconductors, and we expect to benefit from this growth in the future.”

Camtek price target raised at Needham

Needham maintained a Buy rating on the stock and increased its price target for Camtek on February 17, 2023, from $36 to $40. Although the company’s management did not signal the bottom in the first quarter, the company’s Q4 results were strong, and the guided 10 percent decline for the full year of revenue in 2023 is probably one of the better outlooks for semicap companies, the analyst writes in a research note to investors. According to the company, Camtek will likely perform significantly better than WFE in 2023, just like it did in the previous recessionary year of 2019.

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