Cohu

COHU · NASDAQ

$52.74−$1.13 (−2.10%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $53.87

COHU analyst rating

BuyConsensus of 7 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy7
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $72.29 (+37.1% upside)

Low: $65.65
Now: $52.74
High: $84.00

Upgrades and downgrades

The latest rating actions, newest first

COHU analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Jul 31, 2026	Maintains	Buy	$65.00 → $69.00	60%
Needham	Jul 31, 2026	Maintains	Buy	$54.00 → $65.00	58%
B. Riley Securities	Jul 22, 2026	Maintains	Buy	$60.00 → $65.00	60%
Stifel	Jul 10, 2026	Maintains	Buy	$50.00 → $70.00	69%
Baird	Jul 9, 2026	Initiates	Outperform	$65.00	67%
TD Cowen	Jun 16, 2026	Maintains	Buy	$60.00 → $80.00	56%
TD Cowen	May 1, 2026	Maintains	Buy	$35.00 → $60.00	56%
Needham	May 1, 2026	Maintains	Buy	$33.00 → $54.00	58%
Evercore ISI Group	Apr 28, 2026	Maintains	Outperform	$35.00 → $53.00	91%
Jefferies	Apr 27, 2026	Initiates	Buy	$55.00	53%

The case for and against

Updated Oct 14, 2026

Bull case

Cohu is benefiting from an improving mix of cyclical recovery and secular AI-driven demand, with 1Q26 revenue of $125.1MM and non-GAAP gross margin of 46.5% both ahead of guidance, while utilization rose to about 78% and recurring revenue reached $76M, or 60% of sales. HPC is the clearest growth engine, with systems orders up 62% Q/Q, an $80-100M CY26 opportunity tied to Eclipse and Neon, and a longer-term $150-200M pipeline across 12 customers, supported by expanding HBM inspection demand expected to double to about $20M. Margin upside is also credible as recurring revenue, currently only about a 35%+ attach rate, scales toward higher-margin software and contactor cross-selling, reinforcing earnings growth as CY26 revenue is guided up 20-25% YoY.

Bear case

Cohu is facing a कमजोर fundamental setup because post-acquisition synergies have largely already been realized, limiting additional earnings growth if revenue stagnates or declines, while low test-cell utilization and prolonged inventory digestion continue to pressure demand in auto/industrial, mobile, and compute. Although 2Q26 guidance implies $144.0 million in revenue, up 15% sequentially, management expects lower gross margins of 44.0% as a heavier systems mix dilutes profitability, and current debt levels raise valuation and operating-loss risk. Even with leadership in semiconductor handlers and sockets, the stock is weighed down by cyclical exposure to semiconductor capex, potential softness in auto/industrial end markets, and dependence on uncertain recovery in customer test utilization.

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