Coherent price target lowered to $74 from $76 at Raymond James

Raymond James analyst Simon Leopold lowered the firm’s price target on Coherent to $74 from $76 and keeps an Outperform rating on the shares. Coherent is well positioned across many market opportunities, but in the intermediate term, its largest segment, Networking at ~45% of sales, faces slowing as some customers absorb inventory, the analyst tells investors in a research note.