UPDATE: Morgan Stanley Downgrades II-VI, Inc. (IIVI) to Equalweight
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Morgan Stanley analyst Meta Marshall downgraded II-VI, Inc. (NASDAQ: IIVI) from Overweight to Equalweight with a price target of $76.00 (from $54.00).
The analyst comments "Our IIVI PT of $76 is ~19x CY22 EPS, a premium to optical averages and more in-line with historical averages given industrial laser exposure (e.g. lasers trade more around 20-24x). The biggest risk to our PT's is a pullback on Apple iPhone builds or China's 5G build."
Shares of II-VI, Inc. closed at $71.57 yesterday.
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