JPMorgan analyst Samik Chatterjee reiterated an Overweight rating and $63 price target on Coherent after Reuters reported that Japanese companies have held talks with the company over acquiring a minority stake in the company’s silicon carbide business. The firm does not find this recent press report surprising, particularly following Coherent’s announced strategic review to raise capital and MOU with Mitsubishi Electric. JPMorgan added that the report does underscore upside opportunity relative to the total company’s current enterprise valuation of about $9B.
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