II-VI Inc (IIVI) Gets a Buy Rating from Northland Securities

By Austin Angelo

Northland Securities analyst Tim Savageaux maintained a Buy rating on II-VI Inc (IIVIResearch Report) today and set a price target of $42. The company’s shares closed last Monday at $39.39.

Savageaux noted:

“We are lowering our FY20 ests and lower our PT slightly on a mixed FQ4 report and outlook Tues AM from IIVI, though we maintain our OP rating focused on the synergy potential of the FNSR deal, which the company now hopes to close in “the Fall”. Stand alone, optical strength, bolstered by a $15M pull in from FQ1, continues albeit with slower order growth, while book to bills in Laser Solutions, despite expectations for a strong 3DS ramp in Products were very weak.”

According to TipRanks.com, Savageaux is a 4-star analyst with an average return of 3.8% and a 54.2% success rate. Savageaux covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, DASAN Zhone Solutions Inc, and Applied Optoelectronics.

Currently, the analyst consensus on II-VI Inc is a Strong Buy with an average price target of $44.50, implying a 19.8% upside from current levels. In a report issued on August 9, BTIG also reiterated a Buy rating on the stock with a $31 price target.

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The company has a one-year high of $50.75 and a one-year low of $29.31. Currently, II-VI Inc has an average volume of 778K.

Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IIVI in relation to earlier this year.

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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.