Piper Jaffray analyst Troy Jensen says today's announcement by II-VI to acquire CoAdna for $45M net of cash equates to 1.5-times enterprise value to sales and appears to be a fair valuation. Jensen adds that the deal will "allow II-VI to provide vertically integrated ROADM line cards and also provides increased access to China's growing ROADM demand and other emerging markets". The analyst is positive on the deal and maintains his view that II-VI is undervalued amid "growth opportunities in industrial lasers, silicon carbide, 3D sensing VCSELs and an expected recovery in traditional optical components". Jensen also keeps his Overweight rating and $50 price target on II-VI.