Close

Needham & Company Reiterates Buy Rating on Coherent (COHR) as Management Hits Right Tone

September 13, 2022 12:50 PM EDT
Get Alerts COHR Hot Sheet
Price: $37.25 +1.58%

Rating Summary:
    8 Buy, 11 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 28 | New: 30
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Needham & Company analyst James Ricchiuti reiterated a Buy rating and $75.00 price target on Coherent (NASDAQ: COHR) as management sounded the right tone.

The analyst commented, "Management last week sounded the right tone with respect to ongoing favorable business trends in the business, the strategic value of the combined IIVI/Coherent business and near-term emphasis on debt reduction. With the company targeting solid upside to gross margins and operating margins over the intermediate term, we believe the door is open for upside to estimates. The former II-VI, which has been renamed Coherent Corp., has entered F23 with strong tailwinds in its core optical communication business (now 46% of the combined company’s revenues), along with key growth drivers in SiC materials/devices, 3D sensing and industrial laser-based manufacturing. At a time when investors remain concerned about a global economic slowdown, mgmt is focused on delivering its synergy targets, possibly sooner than expected. Reaffirm Buy rating."

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 $44.89 yesterday.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments

Related Entities

Needham & Company