II-VI, Inc. (IIVI) PT Raised to $98 at Needham & Company; Citing Tone From Recent Investor Conferences

Needham & Company analyst James Ricchiuti raised the price target on II-VI, Inc. (NASDAQ: IIVI) to $98.00 (from $71.00) while maintaining a Buy rating.

The analyst commented, "IIVI management has sounded consistently confident about the business at investor conferences over the past month, including at last week’s 23rd Annual Needham Virtual Growth Conference. Based on a fireside chat with management, discussions we've had with other industry players, along with an improving global economic backdrop, we believe IIVI has entered the 2H of its fiscal year with solid momentum. Continued strength in the optical communications business, an improving industrial business, ramping 3D sensing sales, and ongoing strength in SiC provide multiple ways for IIVI to deliver upside revenue surprises over the next several quarters, with improving operating leverage. We reiterate our Buy rating and are raising our target price to $98 from $71."

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