Cohu price target lowered to $42 from $52 at Needham

Needham analyst N. Quinn Bolton lowered the firm’s price target on Cohu to $42 from $52 but keeps a Buy rating on the shares. The company’s Q3 results were in line but its Q4 guide was meaningfully lower, with the management noting that two automotive customers pushed out orders by 2-3 quarters as auto/industrial semis recently entered inventory correction, the analyst tells investors in a research note. The firm remains at Buy however and recommends that investors accumulate shares as Cohu bottoms out.