Is Coherent (COHR) Stock a Buy For 2021?

Carillon Eagle Mid Cap Growth Fund recently released its Q3 2020 Investor Letter, a copy of which you can download here. You should check out Carillon Eagle Mid Cap Growth Fund’s top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021.

In the Q3 2020 Investor Letter, Carillon Eagle Mid Cap Growth Fund highlighted a few stocks and Coherent Inc (NASDAQ:COHR) is one of them. Coherent Inc (NASDAQ:COHR) is a global company that manufactures and sells a variety of laser-based photonic products. In the last one year, Coherent Inc (NASDAQ:COHR) stock lost 11.2% and on December 31st it had a closing price of $150.02. Here is what Carillon Eagle Mid Cap Growth Fund said:

“Coherent is an international company that designs and manufactures a variety of laserbased photonic products and is also key equipment supplier in the production of Organic Light Emitting Diode (OLED) screens. The firm has experienced some headwinds as of late, as the investment cycle for customers in China has slowed down from earlier expectations. We continue to believe that smartphones will eventually transition to OLED screens, and as the 1.5 billion smartphones sold annually transition to these much more efficient screens, it should lead to healthy growth for this key equipment.”

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In Q2 2020, the number of bullish hedge fund positions on Coherent Inc (NASDAQ:COHR) stock increased by about 39% from the previous quarter (see the chart here), so a number of other hedge fund managers believe in Coherent’s growth potential. Our calculations showed that Coherent Inc (NASDAQ:COHR) isn’t ranked among the 30 most popular stocks among hedge funds.

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Video: Top 5 Stocks Among Hedge Funds

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Disclosure: None. This article is originally published at Insider Monkey.