Needham & Company Starts Cohu (COHU) at Hold

Needham & Company initiates coverage on Cohu (NASDAQ: COHU) with a Hold rating.

Analyst Y. Edwin Mok commented, "We are initiating coverage of Cohu, Inc. with a Hold rating. As the leader in semi test handlers, Cohu has strong positions with several long-term drivers in mobile, automotive and LEDs. We like Cohu’s long-term growth prospects, but see some offsetting near-term industry weakness. We believe its expansion into contactors and wafer level package test solutions will not yield much incremental growth for another year or more. Trading at a 2016 ex-cash P/E of 13.4x (w/stock comp), we believe the stock is fairly valued given our more cautious near-term view, and believe a Hold rating is appropriate. We would look for greater growth from share gains or market recovery before getting more aggressive."

For an analyst ratings summary and ratings history on Cohu click here. For more ratings news on Cohu click here.

Shares of Cohu closed at $12.36 yesterday.

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