Shares of semiconductor and photonic solutions provider Coherent Corp. (NYSE:COHR) are soaring higher at the time of writing today after the company announced that it anticipates $150 million to $200 million in charges related to its recently announced restructuring plan.
The company is looking to streamline its business and the restructuring move involves shuttering and relocation of some of its facilities as well as other cost optimization measures.
Coherent expects the restructuring exercise to conclude by the end of 2025. Separately, Coherent also introduced a 1 kW optical isolator today. The PAVOS kW Ultra is targeted for applications that involve high-energy ultrashort pulse (USP) lasers.
Overall, the Street has a $42.46 consensus price target on COHR alongside a Strong Buy consensus rating. Shares of the company have already surged nearly 20% over the past five sessions.
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