Brean Murray Downgrades Coherent (COHR) to Hold
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Brean Murray downgrades Coherent (Nasdaq: COHR) from Buy to Hold.
Brean analyst says, "Citing order push-outs and lower-than-expected orders from microelectronics customers, Coherent lowered its 4QFY08 sales outlook by about 10%. The Company also announced another major restructuring effort aimed at improving EBITDA. We see these conditions, especially weak orders from microelectronic customers, extending into FY09. This outlook, coupled with our revised FY09 estimates and a stock price currently in the middle of its trading range over the past year, causes us to reduce Coherent to a Hold until our visibility about the macroeconomic environment improves."
Coherent, Inc. (Coherent) is a supplier of photonics-based solutions in a range of commercial and scientific research applications.
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