Why Coherent Stock Was Skating Higher This Week
's (NYSE: COHR) stock began this week on a high note, and as we headed toward the weekend it wasn't letting up much. What helped was news of a bullish initiation of coverage from an analyst, a share-price-supporting event if ever there was one. Investors piled into the company's shares to push their price nearly 9% higher week to date as of late night Thursday, according to data compiled by S&P Global Market Intelligence.
The latest addition to Coherent's bull herd is Jefferies' George Notter, who launched coverage of the stock with a unambiguous buy recommendation at a price target of $135 per share. That anticipates a potential gain of 24% over the shares' most recent closing level.
According to reports, Notter's optimism centers on the company's new(ish) CEO, Jim Anderson, and his efforts to streamline and restructure the business. In the analyst's view Coherent is something of a patchwork of acquisitions, and it has many operational areas that could use some trimming. In his inaugural note on Coherent, the pundit cited areas such as real estate holdings and factories.
Source Fool.com
