Needham & Company Maintains a 'Buy' on Coherent (COHR); Buyers on Dip
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Price: $42.59 --0%
Rating Summary:
10 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
10 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Needham & Company maintains a 'Buy' on Coherent (NASDAQ: COHR) price target lowered from $65 to $60.
Analyst, James Ricciuti, said, "COHR stumbled in FQ2, with gross margins coming in below expectations due to higher costs in its display business, at the same time that mgmt provided lower than expected revenue guidance for the June quarter. Margins are expected to improve gradually in the next 2 quarters. Demand has been picking up in the materials processing market, and mgmt expects to win sizable orders in the display market in 2H and into F13. We maintain a constructive view on the stock, given the strong pipeline of new business in the display market and signs of a pickup in other areas of the microelectronics market. Once the dust settles on the stock today on what will likely be a rocky open, we would be buyers of the stock."
Needham lowers Q3 EPS from $1.00 to $.0.72, FY12 from $3.72 to $3.23 and FY13 from $4.10 to $3.95.
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 $56.17 yesterday.
Analyst, James Ricciuti, said, "COHR stumbled in FQ2, with gross margins coming in below expectations due to higher costs in its display business, at the same time that mgmt provided lower than expected revenue guidance for the June quarter. Margins are expected to improve gradually in the next 2 quarters. Demand has been picking up in the materials processing market, and mgmt expects to win sizable orders in the display market in 2H and into F13. We maintain a constructive view on the stock, given the strong pipeline of new business in the display market and signs of a pickup in other areas of the microelectronics market. Once the dust settles on the stock today on what will likely be a rocky open, we would be buyers of the stock."
Needham lowers Q3 EPS from $1.00 to $.0.72, FY12 from $3.72 to $3.23 and FY13 from $4.10 to $3.95.
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 $56.17 yesterday.
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