Needham raised the firm’s price target on Coherent to $72 from $64 and keeps a Buy rating on the shares after the company’s 2024 OFC event saw “upbeat” tone. The firm believes that the continued healthy growth in Coherent’s AI-related transceiver business will offset ongoing macro headwinds in the company’s Industrial and Electronics end markets over the balance of FY24, the analyst tells investors in a research note. In FY25, the ongoing strength in AI datacom demand will be joined by an improving outlook in key areas of Coherent’s Industrial business, including OLED display and semi, the firm added.
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