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I would think you still want at least 2 coats. One base coat and one finish coat.
Also, it is a lot cheaper to just buy premixed mortar, Type S, and add a hand full of fibers per bag.
Premixed stucco, 80#: $13-18.00 bucks
Premixed Type S mortar, 80#: $5-6.00 bucks
Fiber mesh, 1.5# (enough to do 40 bags of mortar): $6-10 bucks.
Also, it is a lot cheaper to just buy premixed mortar, Type S, and add a hand full of fibers per bag.
Premixed stucco, 80#: $13-18.00 bucks
Premixed Type S mortar, 80#: $5-6.00 bucks
Fiber mesh, 1.5# (enough to do 40 bags of mortar): $6-10 bucks.