Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Following 1Q Beat
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Needham & Company reiterated a Buy rating on II-VI, Inc. (NASDAQ: IIVI), and raised the price target to $32.00 (from $29.00), following the company's 1Q earnings report. Revenues were up 17% y/o/y to $221.5M, toward the upper end of guidance of $210M-$225M and above consensus of $220M. EPS totaled $0.26, again at the high end of EPS guidance of $0.22-$0.27 and solidly above consensus of $0.24.
Analyst James Ricchiuti commented, "IIVI delivered a strong beat-and-raise quarterly report earlier today, paced by another stellar showing in its optical communications business. Revs came in at the upper end of guidance, as did EPS. Bookings rose 31% y/o/y, driven by a 60% increase in orders in Photonics (optical) and 17% bookings growth in Laser Solutions (industrial). The B-T-B was 1.10. Rev and EPS guidance for FQ2 was stronger-than-expected. We believe momentum in the optical communications market will remain strong over the next several quarters, providing a bridge to new growth opportunities that IIVI is targeting in its VCSEL business for consumer 3D sensing applications. We believe stepped-up investments IIVI is making in VCSELs could result in a meaningful growth catalyst in F18, which is not in our estimates. Reiterate Buy."
Shares of II-VI, Inc. closed at $27.25 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
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