Fly News Breaks for January 2, 2020
Jan 2, 2020 | 08:27 EDT
Needham analyst James Ricchiuti raised his price target on II-VI (IIVI) to $43 and kept his Buy rating, saying the stock is his "top idea" and also replaces Cubic (CUB) on Needham's Conviction List. The analyst notes that 2019 saw the shares advance just 5% vs. 35% for the Nasdaq due to investor concerns over the company's ability to integrate Finisar as well as by the slowdown in data center/industrial business and uncertainty in the 3D sensing market. Ricchiuti contends that these headwinds are now in the past, and he expects a more favorable narrative to re-emerge for II-VI in 2020.
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