II-VI (IIVI) Numbers Trimmed at Needham & Company; 'Buy' Maintained
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Price: $41.95 --0%
Rating Summary:
17 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
Rating Summary:
17 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
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Needham & Company analyst James Ricchiuti trimmed estimate and his price target on II-VI, Inc. (NASDAQ: IIVI) from $19 to $18 but maintained a Buy rating.
Ricchiuti commented, "Ahead of presentations at two conferences this week, IIVI yesterday preannounced a weaker FQ3 and lowered its FQ4 guidance. As in previous quarters, several issues contributed to the underperformance. In addition to weaker results from the semiconductor laser business acquired in Sept., IIVI also experienced a disruption from the relocation of a new manufacturing facility at its HIGHYAG laser materials processing business in Germany. IIVI shares experienced a modest pullback following yet another quarterly miss and appear washed out at current levels. We are maintaining a Buy on IIVI, while acknowledging the stock may trade in a narrow band for the next 1-2 quarters."
The firm cut F14 EPS est. to $0.55 from $0.68 on rev of $670M and F15 EPS est. to $0.86 from $1.00.
For an analyst ratings summary and ratings history on II-VI, Inc. click here. For more ratings news on II-VI, Inc. click here.
Shares of II-VI, Inc. closed at $15.50 yesterday.
Ricchiuti commented, "Ahead of presentations at two conferences this week, IIVI yesterday preannounced a weaker FQ3 and lowered its FQ4 guidance. As in previous quarters, several issues contributed to the underperformance. In addition to weaker results from the semiconductor laser business acquired in Sept., IIVI also experienced a disruption from the relocation of a new manufacturing facility at its HIGHYAG laser materials processing business in Germany. IIVI shares experienced a modest pullback following yet another quarterly miss and appear washed out at current levels. We are maintaining a Buy on IIVI, while acknowledging the stock may trade in a narrow band for the next 1-2 quarters."
The firm cut F14 EPS est. to $0.55 from $0.68 on rev of $670M and F15 EPS est. to $0.86 from $1.00.
For an analyst ratings summary and ratings history on II-VI, Inc. click here. For more ratings news on II-VI, Inc. click here.
Shares of II-VI, Inc. closed at $15.50 yesterday.
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