II-VI, Inc. (IIVI) PT Lowered to $90 at Needham & Company
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Needham & Company analyst James Ricchiuti lowered the price target on II-VI, Inc. (NASDAQ: IIVI) to $90.00 (from $105.00) while maintaining a Buy rating.
The analyst commented, "FQ3 results were better than expected, highlighted by sales and NG EPS coming in modestly above consensus. B-T-B was 1.08, and backlog was a record $1.13B. FQ4 revenue guidance at the midpoint was below expectations and reflects a wider revenue range that incorporates supply chain constraints. Going into IIVI’s FQ3 print, investors have been climbing a wall-of-worry, with concerns ranging from the strategic merits of the Coherent acquisition, long-term projections by IIVI in the S-4 filing and concerns about component shortages that have been ever-present topics on most technology hardware conference calls this earnings season. The tone of the call was positive, but we recognize many of concerns investors had going into the print will remain. That said, we believe the risk-reward is attractive, and we reiterate our Buy rating."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesNeedham & Company, Earnings, Definitive Agreement
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