In a report released today, Ryan Koontz from Needham maintained a Buy rating on Coherent Corp (COHR – Research Report), with a price target of $85.00.
Claim 55% Off TipRanks
Trade COHR with leverageRyan Koontz has given his Buy rating due to a combination of factors including Coherent Corp’s strong performance in the Data Center and Telecom sectors. The company’s third-quarter results surpassed expectations with a 4% beat on both revenue and earnings per share, driven by a 46% year-over-year increase in the Communications segment.
Koontz believes that Coherent Corp is gaining market share in Datacom transceivers as cloud service providers shift their supply chains away from China. Additionally, the company’s guidance for the fourth quarter appears conservative and potentially beatable. Despite some risks in the Industrial segment, Koontz expects continued growth driven by favorable trends in the Communications sector, leading to a modest increase in future estimates while maintaining a Buy rating and an $85 price target.
Koontz covers the Technology sector, focusing on stocks such as Calix, Ceragon Networks, and Fabrinet. According to TipRanks, Koontz has an average return of -4.8% and a 39.33% success rate on recommended stocks.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $80.00 price target.