Coherent falls after Rosenblatt Securities cuts to 'neutral'

Coherent

22/10/2024 16:56

** Shares of laser and optical devices maker Coherent
 COHR.N  down 1.4% at $97.11
    ** Rosenblatt Securities downgrades to "neutral" from "buy"
but raises PT to $105 from $84
    ** COHR will be a long-term AI winner and the stock looks
good for investors with a three-year time horizon, brokerage
says
    ** Brokerage, however, foresees FY25 headwinds that may
disappoint more bullish expectations
    ** Management likely wants to keep FY25 numbers conservative
as it pursues divestments - Rosenblatt 
    ** Adds, stock may move sideways in FY25 due to lack of
earnings upside, which could disappoint investors
    ** Average rating of analysts covering COHR is "buy"; median
PT is $88 - LSEG data
    ** Including session's move, stock has more than doubled YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))