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Needham & Company Reiterates a 'Buy' on Coherent (COHR); Strong Q3

July 27, 2012 8:11 AM EDT Send to a Friend
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Price: $64.03 --0%

Rating Summary:
    1 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 11 | New: 9
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Needham & Company reiterates a 'Buy' on Coherent (NASDAQ: COHR) price target of $60.00.

Analyst, James Ricchiuti, said, "COHR posted better than expected FQ3 results after the market close yesterday. While FQ4 guidance was below Street expectations and reflects softening in the scientific and OEM components & instrumentation markets, investors are likely to look right past this and focus on the robust bookings of $218M and $369M quarter-end backlog, which came on the strength of numerous multiple million dollar orders for laser annealing systems from flat panel display manufacturers in Korea, Taiwan and Japan...We regard COHR as one of the more attractive value names in our coverage universe, with a unique LCD and AMOLED driver. COHR shares were trading at yesterday’s close at less than 9x our F13 EPS estimate, adjusting for net cash of nearly $9/share."

For an analyst ratings summary and ratings history on Coherent click here. For more ratings news on Coherent click here.

Shares of Coherent closed at $44.85 yesterday.




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