II-VI, Inc. (IIVI) PT Raised to $45 at Needham & Company Following 4Q

Needham & Company raised its price target on II-VI, Inc. (NASDAQ: IIVI) to $45.00 (from $40.00) while maintaining a Buy rating. 4Q revenues increased 13% y/o/y to $273.7M, above guidance of $245M-$252M and consensus $250.4M. EPS of $0.50 was well above guidance of $0.33-$0.37 and consensus $0.36.

Management guided to FQ1 revs of $250M-$260M, above consensus of $245M. IIVI guided to EPS in a range of $0.30-$0.34, vs.the consensus estimates of $0.32. IPI is expected be accretive in FY18, while Kaiam is expected to at break-even on an EBITDA basis by the end of F18 and $0.03-$0.05 dilutive to quarterly EPS.

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