Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Ahead of 1Q Release
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Needham & Company reiterated a Buy rating on II-VI, Inc. (NASDAQ: IIVI), and raised the price target to $29.00 (from $26.00), ahead of the company's 1Q earnings report. Needham believes that there is likely upside to the consensus estimate of $0.24 and would not be surprised to see EPS at the high end of guidance of $0.22-0.27. Estimated revenues for the quarter are at $220M, in-line with consensus.
Analyst James Ricchiuti commented, "We believe our F17 estimates for IIVI are likely conservative, due to expectations of continued strong demand in IIVI's photonics/ optical communications business (36% of F16 revenues). IIVI reports FQ1 results prior to the market open on Tuesday, Oct. 25. Even with increased R&D investment related to the VCSEL products, we believe EPS can come in above Street expectations and at the high-end of guidance. We believe ongoing strength in the company's photonics business can provide a bridge over the next year to the expected ramp in the emerging VCSEL business in the 2H of CY17 and provide upside to F18 estimates. We reiterate our Buy rating and have increased our target price to $29."
Shares of II-VI, Inc. closed at $26.15 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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