Coherent's AI Optical Transceiver And CEOs Turnaround Push Drive Growth: BofA Analyst
Coherent's AI Optical Transceiver And CEOs Turnaround Push Drive Growth: BofA Analyst
Arya highlighted the rapidly growing size of large language models, which is expanding AI clusters to 100K+ accelerators versus 30K currently, driving exponentially higher connectivity requirements.Coherent Corp (NYSE:COHR) stock is trading higher Monday after BofA Securities analyst Vivek Arya upgraded the stock rating from Neutral to Buy with a price target of $75, up from $65.
Coherent公司（NYSE：COHR）股票周一交易走高，Bank of America证券分析师Vivek Arya将该股评级从中立升级为买入，目标股价从65美元上调至75美元。
Arya expects a start of recovery in the second half of the calendar year 2024 and is forecasted to accelerate 13% sales CAGR from fiscal 2024-2027.
Arya预计2024财年下半年将开始复苏，并预测销售复合增长率从2024财年至2027财年加速13％。
The most important driver will be Coherent's datacom transceiver business (40% of sales), which will be levered to high-speed Ethernet connections between servers and switches in data centers, as per the analyst.
分析师认为，最重要的推动因素将是Coherent的数据通信器件业务（销售额的40％），该业务将借助机房服务器和交换机之间的高速以太网连接而受益。
Arya highlighted the rapidly growing size of large language models, which is expanding AI clusters to 100K+ accelerators versus 30K currently, driving exponentially higher connectivity requirements.
Arya强调了大语言模型的快速增长，这将导致AI集群的加速器从目前的3万台扩展到100K+，推动了指数级的更高连接性需求。
Arya noted improved prospects for Coherent to double proforma-EPS to $4 by fiscal 2026, backed by growth reacceleration to 13%+ CAGR driven by the surging AI optical transceiver market.
Arya指出，Coherent的增长重新加速将推动其Proforma-EPS在2026财年翻一番，达到4美元，而AI光收发器市场的激增将是增长的驱动力。
Arya expressed conviction in the new CEO, Jim Anderson, who is driving operational improvements, especially gross margin expansion from 36% to 40%+ and EBIT margins towards 20%—25% from 15%. CEO and industry veteran Jim Anderson is well regarded for his prior turnaround at Lattice Semiconductor Corp (NASDAQ:LSCC).
Arya对新任CEO Jim Anderson充满信心，他正在推动运营改进，特别是从36％扩大至40％+的毛利率扩张以及EBIt利润率从15％提高至20％-25％。CEO和行业资深人士Jim Anderson在Lattice Semiconductor Corp（NASDAQ：LSCC）的先前扭转局面方面享有很高的声望。
The new management could also help focus Coherent from efforts currently spread across telco, industrial, auto (Silicon Carbide), and consumer markets, Arya said.
分析师称，新管理层还可以帮助Coherent把目前分散在电信，工业，汽车（碳化硅）和消费者市场的努力集中起来。
The analyst writes that free cash flow expansion towards 10% from 2% could help de-lever the balance sheet ($4.1 billion debt currently), which is a 30% drag on reported EPS.
分析师写道，自由现金流从目前的2％上升至10％可以帮助去杠杆化资产负债表（目前债务41亿美元），这对于报告的EPS造成30％的拖累。
The price target is based on 22x calendar 2025 price-to-earnings versus 19x prior, reflecting greater confidence in operational focus and execution under newly hired CEO Jim Anderson.
这个目标价基于22倍2025年日历市盈率而不是之前的19倍，反映出对新任CEO Jim Anderson的运营聚焦和执行能力更加有信心。
Arya projected fourth-quarter revenue and EPS of $1.28 billion and $0.60.
阿里亚预计第四季度的营收为12.8亿美元，每股收益为0.60美元。
Price Action: COHR shares are up 4.26% at $66.04 at the last check Monday.
价格走势：COHR股票在周一最后一笔交易中上涨4.26％，至66.04美元。
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