Coherent Analysts Increase Their Forecasts After Upbeat Earnings

Author: Avi Kapoor | August 16, 2024 07:19am

Coherent Corp. (NYSE:COHR) reported upbeat earnings for its fourth quarter on Thursday.

Coherent reported quarterly earnings of 61 cents per share which beat the analyst consensus estimate of 60 cents per share. The company reported quarterly sales of $1.314 billion which beat the analyst consensus estimate of $1.276 billion.

Jim Anderson, CEO, said, “After meeting with many of our employees and customers, I am more excited today about Coherent’s potential than when I joined two months ago. Coherent is a deeply innovative company with many secular growth opportunities. While we have many strengths, we also have opportunity for improvement, and I look forward to working with all my Coherent teammates to unlock the full potential of the company and drive outstanding shareholder value creation.”

Coherent said it sees first-quarter FY25 non-GAAP earnings of 53 cents to 69 cents per share on revenue of $1.27 billion to $1.35 billion.

Coherent shares gained 6.4% to close at $71.28 on Thursday.

These analysts made changes to their price targets on Coherent following earnings announcement.

• B of A Securities analyst Vivek Arya maintained Coherent with a Buy and raised the price target from $75 to $90.

• Needham analyst James Ricchiuti maintained Coherent with a Buy and increased the price target from $72 to $84.

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Posted In: COHR