Needham lowered the firm’s price target on Coherent (COHR) to $85 from $125 and keeps a Buy rating on the shares after assuming coverage of the name. The firm tells investors in a research note that Coherent is in a strong place to benefit in Datacom from high growth AI and cloud infrastructure investment, coupled with steady Telecom demand and a modest recovery in Industrial. The price target reduction is attributed to the broad multiple compression seen across the tech sector.
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