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
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）股票週一交易走高，Bank of America證券分析師Vivek Arya將該股評級從中立升級爲買入，目標股價從65美元上調至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預計2024財年下半年將開始復甦，並預測銷售複合增長率從2024財年至2027財年加速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.
分析師認爲，最重要的推動因素將是Coherent的數據通信器件業務（銷售額的40％），該業務將藉助機房服務器和交換機之間的高速以太網連接而受益。
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強調了大語言模型的快速增長，這將導致AI集群的加速器從目前的3萬台擴展到100K+，推動了指數級的更高連接性需求。
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的增長重新加速將推動其Proforma-EPS在2026財年翻一番，達到4美元，而AI光收發器市場的激增將是增長的驅動力。
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對新任CEO Jim Anderson充滿信心，他正在推動運營改進，特別是從36％擴大至40％+的毛利率擴張以及EBIt利潤率從15％提高至20％-25％。CEO和行業資深人士Jim Anderson在Lattice Semiconductor Corp（NASDAQ：LSCC）的先前扭轉局面方面享有很高的聲望。
The new management could also help focus Coherent from efforts currently spread across telco, industrial, auto (Silicon Carbide), and consumer markets, Arya said.
分析師稱，新管理層還可以幫助Coherent把目前分散在電信，工業，汽車（碳化硅）和消費者市場的努力集中起來。
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.
分析師寫道，自由現金流從目前的2％上升至10％可以幫助去槓桿化資產負債表（目前債務41億美元），這對於報告的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.
這個目標價基於22倍2025年日曆市盈率而不是之前的19倍，反映出對新任CEO Jim Anderson的運營聚焦和執行能力更加有信心。
Arya projected fourth-quarter revenue and EPS of $1.28 billion and $0.60.
阿里亞預計第四季度的營收爲12.8億美元，每股收益爲0.60美元。
Price Action: COHR shares are up 4.26% at $66.04 at the last check Monday.
價格走勢：COHR股票在週一最後一筆交易中上漲4.26％，至66.04美元。
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