Stifel Starts Coherent (COHR) at Buy

(Updated - December 1, 2022 4:10 PM EST)

Stifel analyst Ruben Roy initiates coverage on Coherent (NASDAQ: COHR) with a Buy rating and a price target of $48.00.

The analyst comments "We are initiating coverage of Coherent Corporation (COHR) with a Buy rating and $48 target price. COHR, the combination of II-VI Inc. and Coherent Corp, has established itself as one of the largest suppliers of photonics components and compound semiconductor materials. Looking ahead, we believe COHR is well positioned to benefit from a diverse group of end market and application areas, and, because of its scale and synergies, it should grow faster than the broader industries in which it participates. We also expect profitability to improve as longer-term synergies are realized. COHR addresses a combined $65 billion market opportunity across four end markets: 1) Communications; 2) Industrial; 3) Electronics; and 4) Instrumentation. Our $48 target price is based on 12x our CY23 EPS estimate of 4.03."

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 $36.67 yesterday.

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