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CAMT · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Camtek Ltd (CAMT) stock moving?
Camtek reported record Q3 2026 revenue of $161.3M (up 21% QoQ and about 27% YoY), with GAAP net income of $42.8M and operating cash flow of $71.1M. Management reaffirmed Q4 revenue of about $180M and full-year 2026 revenue of about $595M, and gave an initial 2027 outlook of over $800M, which is roughly 34% above the 2026 figure. The quarter itself was slightly short of consensus: adjusted EPS was $0.99 against $1.00 expected, and sales were $161.3M against $162.2M. Since the report, sell-side reaction has been mixed. Morgan Stanley downgraded the stock to Underweight with a $126 target on Nov 2, before the report. Evercore cut its target to $115 and Needham to $130 while keeping positive ratings, and B. Riley cut its target to $138 from $166 on Nov 9 while keeping Buy. Market data shows the stock peaking near $130 on Oct 29, then falling about 21% to a low of $91.92 on Nov 5 on volume of 1.0M+ shares, roughly double the late-October average. It has since rebounded to a $102.19 close on Nov 10, with the stock trading near $100 to $108 over the last several sessions. Analyst targets of $115 to $138 sit above the current price, but the cuts show that expectations for the 2026 and 2027 ramp were reset lower after the EPS miss.
News behind the analysis
- B. Riley Adjusts Price Target on Camtek to $138 From $166, Keeps Buy RatingB. Riley Securities cut its Camtek price target to $138 from $166 and kept its Buy rating.
- Evercore ISI Group Maintains Camtek at Outperform, Lowers Price TargetEvercore ISI kept its Outperform rating on Camtek and cut its price target to $115 from $155.
- Needham Maintains Buy on Camtek, Lowers Price Target to $130Needham kept its Buy rating on Camtek and lowered its price target to $130 after the quarterly report.
- Camtek Reports Record Third Quarter 2026 Financial ResultsCamtek reported record Q3 revenue of $161.3M, GAAP net income of $42.8M and operating cash flow of $71.1M, and reiterated its outlook for the rest of 2026 and 2027.
- Camtek Affirms FY2026 Sales Guidance of $595.000M vs $594.273M EstCamtek reaffirmed full-year 2026 revenue guidance of about $595M, slightly above the $594.273M consensus estimate.
- Camtek Affirms Q4 Sales Guidance of $180.000M vs $179.236M EstCamtek reaffirmed Q4 2026 revenue guidance of about $180M, slightly above the $179.236M consensus estimate.
- Camtek Q3 Adj. EPS $0.99 Misses $1.00 Estimate, Sales $161.294M Miss $162.151M EstimateCamtek's Q3 adjusted EPS of $0.99 and sales of $161.294M both came in slightly below consensus estimates.
- Camtek Q3 2026 Earnings Call TranscriptTranscript of Camtek's Q3 2026 earnings call, held the day results were released.
- Morgan Stanley Downgrades Camtek to UnderweightMorgan Stanley downgraded Camtek to Underweight from Equal-Weight and cut its price target to $126 from $152.
About Camtek Ltd
Camtek is a company based in Migdal HaEmek, Israel, that makes machines chipmakers use to inspect and measure semiconductor wafers for defects, and its shares trade on both Nasdaq and the Tel Aviv Stock Exchange. It focuses on advanced packaging, especially the high-bandwidth memory and chiplet packaging used in AI chips, where it has become a key supplier. The company says 2026 revenue should reach about $595 million, and its first outlook for 2027 is more than $800 million.
How it makes money
Most of its revenue comes from selling inspection and metrology systems to chip manufacturers and the companies that test and package chips. The bulk of that demand comes from advanced packaging, including high-bandwidth memory used in AI chips. Smaller amounts come from memory, CMOS image sensors and other specialty chips, plus service and support. Non-GAAP gross margins run at roughly 51%. As of September 2026 it held about $877 million in cash, deposits and securities.
What usually moves CAMT
- AI chip and high-bandwidth memory capacity spending
- Advanced packaging (chiplet, CoWoS) investment by foundries and packaging/test companies
- Order intake and backlog visibility
- Semiconductor equipment cycle and memory capex
- Quarterly guidance versus expectations