Needham & Company Raises Price Target on Coherent, Inc. (COHR) to $130 Following Strong 4Q
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Needham & Company reiterated a Buy rating on Coherent, Inc. (NASDAQ: COHR), and raised the price target to $130.00 (from $115.00), following the company's 4Q earnings report. Revenues increased 19% y/o/y to $248.5M, above guidance of $235M-245M and well ahead of consensus $242M. Non-GAAP EPS came in at $1.65, well above consensus expectations of $1.52. The company benefited from increased operating leverage.
Analyst James Ricchiuti commented, "COHR posted stronger-than-expected FQ4 results after the close, registered solid bookings and provided much stronger revenue guidance for FQ1. Orders were down 36% q/o/q, though COHR took in another $100M of OLED-related bookings after the quarter. COHR provided much stronger than expected revenue guidance for FQ1, with y/o/y growth of 34-39%. The FQ1 guide would suggest that mgmt’s previous preliminary guidance for F17 revenues of $950M-$1B is overly conservative. We expect mgmt to address this issue when it provides revised guidance later this month after it closes the pending acquisition of Rofin-Sinar. We believe the addition of RSTI will result in a stronger and more diversified laser company with an expanded market reach at the same time that standalone Coherent rides the OLED growth wave. We reaffirm our Buy rating."
Shares of Coherent closed at $101.43 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings, Definitive Agreement
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