Coherent (COHR) is faced with a decelerating growth in its core datacenter segment amid stronger AI capex spending, BofA Securities said in a note Thursday.
The report also pointed to modest gross margin trends despite multiple restructuring actions.
"Restructuring actions...only help GMs modestly which are still trending below critical 40% levels," it said.
Coherent's growth stands in contrast to the "solid growth rate" at component-peer Lumentum (LITE), the note said.
BofA downgraded the stock to neutral from buy while raising its price target to $105 from $92, citing a rise in sector multiples.
Price: 89.07, Change: -24.94, Percent Change: -21.88
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