UPDATE: Stifel Nicolaus Reduces PT to $56 on Coherent on Macro Pressures

Stifel Nicolaus reiterated its Buy rating on Coherent COHR but lowered its price target from $62 to $56. Stifel Nicolaus noted, "Coherent's outlook continues to point to a challenging macro environment with a company-wide book-to-bill of 0.90x, despite sequential bookings increases in 3 of 4 segments. We maintain our Buy rating on shares of COHR as we continue to anticipate material FPD growth in FY13 and FY14 despite weak F4Q12 orders, material gross margin tailwinds, and challenges to non-FPD segments appear macro driven and temporary." Coherent closed at $45.65 on Wednesday.