Cohu (COHU) PT Lowered to $34 at Needham

Needham analyst N. Quinn Bolton lowered the price target on Cohu (NASDAQ: COHU) to $34.00 (from $36.00) while maintaining a Buy rating.

The analyst commented: "COHU reported 1Q24 results largely in line with their expectations, but guided 2Q24 slightly lower than estimates with midpoint revenue of $105MM compared to the consensus of $108.1MM. Management sees that headwinds have subsided, but have yet to see any tailwinds, and anticipates flat results for the next couple of quarters. Test cell utilization of 72% remains below the 80% threshold, which is when COHU would expect to begin seeing capacity buys. It is also unclear to us at this time whether mobile and computing will drive this recovery, or if auto/industrial will recover first. We no longer see a recovery occurring in 2H24 and now see a recovery in 2025. As such we have lowered our PT to $34, which is 28x our reduced CY25 NG EPS estimate. Maintain Buy."

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