Coherent price target raised to $70 from $63 at JPMorgan

JPMorgan raised the firm’s price target on Coherent to $70 from $63 and keeps an Overweight rating on the shares. The company’s fiscal Q2 results and outlook not only underscored a resilient sales outlook for fiscal 2024 but also provided investors with increased conviction relative to the growth prospects for fiscal 2025, led in particular by the artificial intelligence Datacom opportunity, the analyst tells investors in a research note. The firm says Coherent remains one of its top picks, led by the company’s leverage to the AI opportunity and cycling past cyclical demand troughs in other end markets.