UPDATE: JG Capital Initiates Orbotech at Overweight on Positive Outlook

In a report published Tuesday, JG Capital analyst Andrew Abrams initiated coverage on Orbotech Ltd. (NASDAQ: ORBK) with an Overweight rating and $16.20 price target.

In the report, JG Capital noted, “Orbotech should see positive results from its LCD division over the next year as Chinese panel producers continue to build out capacity. Chinese panel producers, particularly BOE and ChinaStar, continue to add capacity as they broaden their product lines and further penetrate the Chinese TV market. Orbotech announced a $40M win in January with a major LCD panel maker in China, which we believe is BOE. Timing on those deliveries should be late 2Q through 4Q this year.”

Orbotech Ltd. closed on Monday at $11.95.