These Analysts Cut Price Targets On Coherent Following Downbeat Q3 Results

Coherent Corp. COHR reported worse-than-expected Q3 financial results.

Coherent reported third-quarter FY23 revenue growth of 49.8% year-over-year to $1.24 billion, with +6% on an organic basis, missing the consensus of $1.34 billion. Adjusted EPS was $0.58, down from $0.95 in 3Q22, missing the consensus of $0.82.

The company expects FY23 revenue of $5.08 billion-$5.15 billion (prior view $5.35 billion-$5.50 billion) versus $5.4 billion.

Coherent shares fell 5% to close at $30.31 on Wednesday.

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

• Raymond James cut the price target on Coherent from $73 to $41. Raymond James analyst Simon Leopold maintained an Outperform rating.
• Barclays lowered the price target on Coherent from $36 to $29. Barclays analyst Tom O'Malley maintained an Underweight rating
• Susquehanna reduced price target on Coherent from $38 to $33. Susquehanna analyst Mehdi Hosseini maintained a Neutral rating on the stock.
• Stifel cut price target on Coherent from $60 to $42. Stifel analyst Ruben Roy maintained the stock with a Buy rating.
• Morgan Stanley cut Coherent price target from $48 to $40. Morgan Stanley analyst Meta Marshall maintained the stock with an Overweight.

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