COHR - SiC Investment Bolsters Value Case For Coherent Says Analyst | Benzinga
Needham analyst James Ricchiuti reiterated a Buy rating on the shares of Coherent Corp (NYSE: COHR) with a $50 price target.
The analyst said yesterday's announcement that DENSO and Mitsubishi Electric would each invest $500 million in COHR's SiC business for a 12.5% stake was not a surprise.
When COHR announced in September that it was conducting a strategic review of the SiC business, the analyst thought the review would result in an announcement like the one yesterday, as opposed to an outright sale ...