believes that Israel's
(Nasdaq:ORBK) will survive the technology sector's crisis, which is expected to last for at least the next six months.
Accordingly, analyst Victor Halpert has reiterated his Buy rating and leaves Orbotech's price target of $70 unchanged. The target is 75% above the market price for Orbotech's stock on Nasdaq.
The analyst believes that Orbotech is a safe investment despite the general slowdown in the hi tech sector. Halpert notes that while growth in the printed circuit market worldwide has stopped, Orbotech, which manufactures inspection systems for the circuits, is still expected to grow due its line of sophisticated products.
Halpert says that the Orbotech's current share price represents an attractive investment opportunity. Orbotech shares are today traded at a multiple of 15, based on expected earnings in 2001. Halpert predicts that Orbotech's financial results in the fourth quarter of 2000 will show revenues of $100 million and its EPS will total 63 cents.
The analyst had earlier forecast that in 2001 Orbotech's revenues would increase to $440 million, and its net profit would reach $2.59 per share.