Coherent’s (COHR) Buy Rating Reaffirmed at Benchmark Co.
Coherent, Inc. (NASDAQ:COHR)‘s stock had its “buy” rating reaffirmed by investment analysts at Benchmark Co. in a research report issued to clients and investors on Thursday. They currently have a $295.00 price objective on the scientific and technical instruments company’s stock. Benchmark Co.’s price target would suggest a potential upside of 10.59% from the stock’s current price.
The analysts wrote, “We now project Coherent reporting a FY18 non-GAAP EPS of $14.68 on sales of $1.95 B, up from our prior estimate which called for a non-GAAP EPS of $13.75 on sales of $1.94 B. Our one-year target price goes from $275 to $295. Raising Target Price Rating: Buy Current Price $266.74 Price Target $295.00 52-Wk Range $92.93 – $277.90 Market Cap (B) $6.57 Enterprise Value (B) $7.02 Shares Outstanding 24,630,000 Average Volume (30 day) 398,695 Float 24,400,000 Sector Weight Overweight Mark Miller 925-648-2692 [email protected]/* */ FY Sep Q1 Q2 Q3 Q4 Total P/E EPS 2016A $0.99A $1.04A $1.07A $1.65A $4.75A 52.5 2017E $2.57A $2.91A $3.43E $3.50E $12.41E 21.3 2018E $3.57E $3.66E $3.68E $3.77E $14.68E 18.1 Revenue (m) 2016A $190.275A $199.882A $218.767A $248.461A $857.385A 2017E $346.073A $422.833A $470.000E $478.000E $1,716.906E 2018E $467.000E $482.000E $493.000E $505.000E $1,947.000E Coherent Inc. (COHR) July 20, 2017 Page 2 Growing Opportunities for Linebeam Tools We hosted management meetings in the San Francisco area with Coherent management. Of upmost interest to investors were the future opportunities for Coherent’s Linebeam tools used to manufacture OLED displays. The Linebeam tools are used in the low temperature poly silicon anneal step in the manufacture of OLED and LCD displays. The anneal process produces improvements in the electrical efficiency of amorphous silicon which yields longer device battery life and higher pixel density.””
Several other equities research analysts have also recently weighed in on COHR. Zacks Investment Research raised Coherent from a “hold” rating to a “strong-buy” rating and set a $222.00 price target on the stock in a research note on Friday, March 24th. Stifel Nicolaus upped their price target on Coherent from $220.00 to $270.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Needham & Company LLC boosted their target price on Coherent from $215.00 to $265.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Susquehanna Bancshares Inc reissued a “neutral” rating and issued a $240.00 target price (up from $225.00) on shares of Coherent in a report on Wednesday, May 10th. Finally, Longbow Research reissued a “buy” rating and issued a $325.00 target price on shares of Coherent in a report on Monday, June 12th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $263.71.
Coherent (NASDAQ:COHR) opened at 266.74 on Thursday. The company has a 50 day moving average price of $245.61 and a 200-day moving average price of $206.62. Coherent has a one year low of $92.93 and a one year high of $277.90. The company has a market capitalization of $6.57 billion, a PE ratio of 54.05 and a beta of 0.69.
Coherent (NASDAQ:COHR) last issued its quarterly earnings results on Tuesday, May 9th. The scientific and technical instruments company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.55 by $0.16. The company had revenue of $422.80 million for the quarter, compared to analysts’ expectations of $404.36 million. Coherent had a return on equity of 19.66% and a net margin of 9.84%. The firm’s revenue for the quarter was up 111.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.04 earnings per share. Analysts expect that Coherent will post $12.46 EPS for the current fiscal year.
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In other Coherent news, VP Bret Dimarco sold 2,903 shares of the business’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $225.00, for a total value of $653,175.00. Following the sale, the vice president now directly owns 7,401 shares of the company’s stock, valued at $1,665,225. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Ambroseo sold 24,970 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $248.08, for a total value of $6,194,557.60. The disclosure for this sale can be found here. Insiders sold 37,777 shares of company stock worth $9,320,878 over the last three months. Corporate insiders own 1.40% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Affinity Wealth Management bought a new stake in Coherent during the first quarter valued at approximately $369,000. Skylands Capital LLC increased its position in shares of Coherent by 0.8% in the first quarter. Skylands Capital LLC now owns 175,350 shares of the scientific and technical instruments company’s stock worth $36,059,000 after buying an additional 1,475 shares during the last quarter. First National Bank of Omaha increased its position in shares of Coherent by 27.1% in the first quarter. First National Bank of Omaha now owns 9,750 shares of the scientific and technical instruments company’s stock worth $2,005,000 after buying an additional 2,080 shares during the last quarter. Bank of Montreal Can increased its position in shares of Coherent by 11.4% in the first quarter. Bank of Montreal Can now owns 812 shares of the scientific and technical instruments company’s stock worth $167,000 after buying an additional 83 shares during the last quarter. Finally, Creative Planning increased its position in shares of Coherent by 27.6% in the first quarter. Creative Planning now owns 1,115 shares of the scientific and technical instruments company’s stock worth $229,000 after buying an additional 241 shares during the last quarter. 93.26% of the stock is currently owned by institutional investors and hedge funds.
Coherent, Inc is a photonics manufacturer. The Company is engaged in designing, manufacturing, servicing and marketing of lasers and related accessories for a range of scientific, commercial and industrial applications. It operates through two segments: Specialty Lasers and Systems (SLS) and Commercial Lasers and Components (CLC).
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