Stock Track | Cohu Stock Soars Over 10% on Solid Q3 Results, Positive Outlook and Analyst Upgrade

Stock Track11-01

Shares of semiconductor equipment maker Cohu Inc. (COHU) soared 10.31% on Thursday, November 1, 2024, driven by the company's better-than-expected third-quarter earnings, an upbeat outlook for the fourth quarter, and a bullish analyst upgrade.

Cohu reported a narrower-than-anticipated loss for the third quarter of 2024, as it navigated the cyclical trough in the semiconductor market. Despite declines in some segments, the company saw strong momentum in its mobile business, with a 13% year-over-year increase in revenue, fueled by growing demand for advanced testing solutions. Additionally, Cohu secured a significant design win with a top automotive semiconductor manufacturer, strengthening its position in the power management device testing market.

Looking ahead, Cohu provided a positive revenue outlook for the fourth quarter, projecting sales in the range of $95 million, plus or minus $7 million, indicating signs of a recovery in the semiconductor industry. "We project Q1 revenue to be 10% higher than Q4, indicating a break from normal seasonality patterns, which haven't been seen for nearly two years," said Jeffrey Jones, Cohu's Chief Financial Officer.

Adding to the bullish sentiment, Craig-Hallum upgraded Cohu to a "Buy" rating from "Hold," with a price target of $30. The analyst firm cited signs of a turnaround and optimism about the company's strategic wins in new markets, such as memory and silicon carbide power semiconductors.

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