Needham & Company Reiterates Buy Rating on Coherent (COHR) as Management Hits Right Tone
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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."
Shares of Coherent closed at $44.89 yesterday.
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