Rosenblatt analyst Mike Genovese upgraded Coherent to Buy from Neutral with an unchanged price target of $45. Yesterday’s 30% selloff on the company’s weaker than expected fiscal 2024 guidance is overdone, the analyst tells investors in a research note. The firm views Coherent as one of the two biggest beneficiaries, along with Arista (ANET), from artificial intelligence networking. While there are headwinds for legacy datacom products, there is strong growth in 800G for generative AI, contends Rosenblatt. The says the company’s 2024 outlook is conservative.
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