Northland Securities analyst Tim Savageaux maintained a Buy rating on II-VI Inc (IIVI) today and set a price target of $44. The company’s shares opened today at $39.99.
Savageaux said:
“We reiterate our OP rating and $44 PT coming out of IIVI’s FQ3 report and outlook a mixed top and bottom line performance driven by short term 3DS margin pressure more than offset by very strong, broad based optical comm growth, fueled by strength in 1.17 book to bill, continued growth in SiC and Smit cap end markets and the beginnings of a turn on the Industrial side after four Qs of BtB sub 1. Key Points IIVI reported FQ1 revs of $342M, up 16% y/y and slightly ahead of our $340M est, with upside from Photonics/Optical Comm revs of $167M up 4% seq and 49% y/y with Photonics bookings of $195M up 17% seq and 48% y/y.”
According to TipRanks.com, Savageaux is a 4-star analyst with an average return of 7.5% and a 56.9% success rate. Savageaux covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, DASAN Zhone Solutions Inc, and Acacia Communications.
II-VI Inc has an analyst consensus of Moderate Buy, with a price target consensus of $44.
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Based on II-VI Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $28.7 million. In comparison, last year the company had a net profit of $30.1 million.
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II-VI, Inc. engages in the development, refinement, manufacturing, and marketing of engineered materials and opto-electronic components and products for precision in the field of industrial, optical communications, military, semiconductor, medical and life science applications.
