Benzinga | Jan 3, 2022 07:28AM EST

II-VI Shares Gain Steam As Raymond James Upgrades Stock

Raymond James analyst Simon Leopold upgraded II-VI Inc (NASDAQ:IIVI) to Outperform from Market Perform with a price target of $77. The price target implies a 12.7% upside.

* Leopold sees significant growth led by hyper-scale builders investing in 400G, 200G, and 100G optical transceivers.

* Related Content: Read Why Morgan Stanley Sees 26% Upside In II-VI, II-VI Reports Mixed Q1 Results, Sees Q2 Revenue Below Consensus

* Leopold sees the Coherent Inc (NASDAQ:COHR) deal closing in the first half of 2022.

* II-VI is a global leader in engineered materials and optoelectronic components. It is a vertically integrated manufacturing company that develops innovative products for diversified applications in communications, industrial, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive markets.

* Price Action: IIVI shares traded higher by 2.44% at $70 in the premarket session on the last check Monday.