Coherent price target lowered to $43 from $56 at Craig-Hallum

Craig-Hallum analyst Richard Shannon lowered the firm’s price target on Coherent to $43 from $56 and keeps a Buy rating on the shares following quarterly results. While the firm was too conservative on the upside potential from datacom in AI, it wasn’t conservative enough in most the rest of the business. Macro is impacting broad swaths of Industrial, compounded by inventory burn at a former large Comms customer, Craig-Hallum says.