Coherent continues to have to roll back expectations for demand for its solutions as the hype surrounding OLED fab capital expenditures "has died down meaningfully," Northcoast analyst Tom Hayes tells investors in a research note. The analyst lowered his Q1 revenue estimate for Coherent to $384.4M from $387.7M and earnings per share estimate to $2.18 from $2.52 after decreasing the number of incremental systems expected to be needed for global demand of mobile OLED displays. Hayes does not see any catalyst for a "strong rebound" in demand until the end of 2019 into 2020 when 5G devices are expected to begin releasing. The analyst keeps a Neutral rating on Coherent shares, which are down 2%, or $2.96, to $128.06 in morning trading.