Why Coherent Stock Took a Double-Digit Hit This Week
Laser company Coherent (NASDAQ: COHR) wasn't very sharp on the stock exchange this week. Across the five trading days, according to data compiled by S&P Global Market Intelligence, the company's share price fell by more than 16%. That wasn't entirely surprising, as the company was hit by not one, but two analyst price-target cuts.
On Tuesday, heavyweight investment bank Morgan Stanley wielded the first pair of scissors. That company's Meta Marshall reduced her level on Coherent rather drastically, to $43 per share from the preceding $59. Despite the deep cut, Marshall is maintaining her equalweight (i.e., neutral) recommendation on the stock.
One day later, Marshall was followed by her peer Richard Shannon at Craig-Hallum. Not to be outdone, that prognosticator made a nearly 40% reduction to his Coherent price target. He now feels it's worth $50 per share, while previously he had pegged it at $80. Like Marshall, he's maintaining his recommendation; only in his case, it's a buy.
Source Fool.com
