Cohu, Inc. (COHU)

Over the past six months, several events have impacted Cohu, Inc.'s stock price. On October 29, 2025, Cohu reported its Third Quarter 2025 financial results, exceeding analyst expectations, resulting in a slight stock gain. Cohu participated in the Stifel 2025 Midwest 1x1 Conference on November 6, 2025, and the 14th Annual NYC Summit Investor Conference on December 16, 2025. On January 6, 2026, Needham & Company LLC upgraded Cohu's stock rating to "buy" with a $30.00 price target. Cohu's stock reached a new 52-week high of $27.17 on January 12, 2026. In September 2025, a Seeking Alpha article reiterated a "Sell" rating due to negative earnings trends and weak revenue growth.

The demand for Cohu, Inc.'s products and services is influenced by the seasonal, cyclical, volatile, and unpredictable nature of the semiconductor industry. However, Cohu has resilience due to its business model, with recurring revenue from interface products and services providing a more stable revenue stream.

Cohu, Inc. is a global technology leader in the semiconductor equipment space, focusing on the semiconductor test and inspection market. The company supplies equipment and services to optimize semiconductor manufacturing yield and productivity. Its products and services include semiconductor test and inspection handlers, automated test equipment (ATE), interface products, thermal subsystems, MEMS test modules, inspection & metrology products, data analytics software, bare board PCB test systems, and services. Cohu serves diverse markets including automotive, computing, consumer, mobility, industrial, medical, IoT, and optoelectronics.

Cohu has a global operational presence with manufacturing and service centers across Asia, Europe, and the Americas. The Asia-Pacific region contributes over 65% of Cohu's fiscal 2024 revenue, with major concentrations in Taiwan, South Korea, and China, while the Americas account for approximately 20% of sales. Specific locations include North America (San Diego, Milpitas, Norwood, St. Paul, Lincoln, and Seattle), Europe (Grenoble, Kolbermoor, Agrate, and La Chaux-de-Fonds), and Asia/Southeast Asia (Shanghai, Shenzhen, Suzhou, Kanagawa-ken, Osaka, Chungcheongnma-do, Melaka, Penang, Laguna, Singapore, and Bangkok).

Cohu has established itself as a global technology leader in the semiconductor test handler niche, holding an estimated 20-25% of the global market. The acquisition of Tignis in January 2025 integrated AI and machine learning into Cohu's offerings. Cohu's strategic pivot towards high-growth segments like AI and HBM testing has positioned it for a stronger recovery. As of January 2026, Cohu has a consensus rating of "Moderate Buy" from analysts.

Cohu, Inc. is predominantly owned by institutional investors, who collectively hold over 94% of the company's stock. Major institutional owners include Tudor Investment Corp Et Al (25.70%), BlackRock, Inc. (approximately 15.08% - 15.15%), The Vanguard Group, Inc. (approximately 9.18% - 9.22%), Victory Capital Management Inc (6.28%), Dimensional Fund Advisors LP (5.08%), Barrow Hanley Mewhinney Strauss LLC (4.34%), Royce Associates LP (4.09%), and State Street Corp (3.89%). The largest individual shareholder is Luis A. Muller, who owns 1.89% of the company's shares.