UPDATE: Raymond James Downgrades II-VI, Inc. (IIVI) to Market Perform
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Raymond James analyst Simon Leopold downgraded II-VI, Inc. (NASDAQ: IIVI) from Outperform to Market Perform.
The analyst comments "Our downgrade is based on valuation and consideration for the risk of execution in 3D addressed last month when we revised our 3D market model. We are constructive on II-VI's long term prospects (3-5 years), but lack sufficient visibility to address that time frame, and limit our valuation horizon to FY21. We envision positive resolution to II-VI's disclosed Sherman facility production issue as a possible positive stock catalyst, but suspect this is priced in. We remain most cautious regarding II-VI Datacom business, which faces competitive challenges."
Shares of II-VI, Inc. closed at $37.02 yesterday.
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