UPDATE: Stifel Nicolaus Raises PT to $62 on Coherent on Strategic Opportunities
Stifel Nicolaus reiterated its Buy rating on Coherent (NYSE: COHR) and increased its price target from $56 to $62.
Stifel Nicolaus commented, "We continue to find Coherent's valuation attractive relative to its strong market position, attractive product and end market mix, streamlined cost structure, and nearly 20% of its market capitalization in net cash. Coherent will likely find attractive opportunities to have further upside potential by helping consolidate a fragmented industry and deploying its burgeoning net cash balances. With $225 million in net cash on its balance sheet, prolific cash generation, and its relatively diversified and resilient end market mix in a consolidating industry, Coherent appears to be the best positioned commercial laser company to be the leading consolidator."
Coherent closed at $51.73 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.