Needham & Company Reiterates a 'Buy' on Coherent (COHR); Solid Start 2012; Ongoing Strength In Display

Needham & Company reiterates a 'Buy' on Coherent (NASDAQ: COHR) price target of $65.00.

Needham analyst says, "COHR kicked off F12 on a solid note, as Q1 EPS were in line with Street expectations. Bookings rose 3% q/o/q, with the book to bill at 1.06:1, driven by robust laser annealer orders for the FPD market. Management guided for revenue to be flat to up 4% q/o/q, which was modestly below Street expectations. Notwithstanding headwinds in parts of its microelectronics business, the tone of business remains solid, with possible upside drivers in F12 coming from the display (OLED) market. COHR shares, adjusting for net cash of nearly $9/share, are trading at an attractive 12x our F13 EPS estimate."

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 $56.95 yesterday.

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