II-VI, Inc. (IIVI) PT Lowered to $85 at Needham & Company

Needham & Company analyst James Ricchiuti lowered the price target on II-VI, Inc. (NASDAQ: IIVI) to $85.00 (from $90.00) while maintaining a Buy rating.

The analyst commented, "IIVI started F22 on a strong note, delivering FQ1 adj. EBITDA and NG EPS that were above consensus expectations. Revenues were modestly above the midpoint of guidance but slightly below consensus against a backdrop of intensifying supply chain constraints. Bookings were robust, up 43% y/o/y to $939M with a 1.18 B-T-B and a record backlog of $1.4B. FQ2 revenue guidance was modestly below expectations, while EPS guidance at the upper end of the range met consensus, as supply challenges are proving to be a bigger headwind for IIVI, particularly with robust demand across its major market verticals. We give IIVI high marks for execution in the current environment. The Coherent acquisition, meanwhile, appears on track to close in the March quarter. We believe the risk-reward is attractive at current levels. Reiterate Buy."

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• Petronet LNG Ltd. (PLNG:IN) PT Raised to INR310 at ICICI Securities
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities