New York, February 6, 2026, 21:05 EST — The market has closed.
Coherent Corp (NYSE:COHR) bounced 8.8% higher Friday, landing at $227.68 after two straight sessions in the red post-earnings. In after-hours trade, the stock picked up a bit more, changing hands at $229.00 before U.S. markets headed into the weekend. 1
Photonics supplier Coherent Inc. reported quarterly revenue of $1.69 billion for the period ended Dec. 31, with non-GAAP earnings landing at $1.29 per share and a non-GAAP gross margin of 39.0%. Stripping out the impact of its Aerospace & Defense divestiture, revenue climbed 22% compared with a year earlier. CEO Jim Anderson pointed to “strong demand” in the datacenter and communications segments as the main driver. CFO Sherri Luther noted stepped-up capital spending as the company moves to boost capacity. 2
Coherent is projecting March-quarter revenue between $1.70 billion and $1.84 billion, with non-GAAP earnings per share expected in the $1.28 to $1.48 range. Datacenter and communications businesses accounted for roughly 72% of revenue for the December quarter. The latest outlook also factors in around $5 million from a Munich tools unit Coherent sold off at January’s end. 3
Shares dropped 7.9% on Wednesday after the report, dipped another 0.8% Thursday, but snapped back on Friday, StockAnalysis price history shows. COHR changed hands between about $213 and $234 during Friday’s session. 4
Analysts noted the report didn’t deliver the quick acceleration or margin strength investors had hoped for. That disappointment showed up early Thursday, with shares slipping around 2% as the debate played out, according to Seeking Alpha. 5
Barclays’ Tom O’Malley bumped his price target on Coherent to $235, up from $215, sticking with an Overweight call. He pointed out the company’s “major drivers” are now coming into focus. 6
Stifel bumped its price target up to $235 from $220 while maintaining its Buy call, pointing to what it called a “step function increase” in bookings for 800G and 1.6T transceivers—these optical modules handle data at speeds of 800 gigabits and 1.6 terabits per second. The firm also highlighted that moving to 6-inch indium phosphide manufacturing could, over time, help expand margins. 7
JPMorgan bumped its price target up to $245 from $215 while sticking with its Overweight rating, highlighting recent customer additions and a clearer picture on demand for products like datacom transceivers and optical circuit switches. The firm also flagged co-packaged optics—technology that brings optical engines closer to computing chips, lowering power use and boosting bandwidth. 8
Needham stuck with its Buy call and left the $235 price target unchanged, noting that execution “appears to be steadily improving” as the company ramps up to supply cloud and AI customers. The firm also highlighted the stock’s big rally—up about 134% over the last year—which could make any future guidance slip hurt more than usual. 9
FMR LLC disclosed in a Schedule 13G/A filed Thursday that it held roughly 15% of Coherent’s common shares as of Dec. 31. The filing, triggered when investors reach certain stakes, doesn’t automatically indicate any activist plans. 10
Not all the bulls are jumping on board. B. Riley hiked its price target to $203 from $113, holding on to its Neutral stance, and flagged a preference for Lumentum as a more focused AI optical infrastructure bet. A pullback in AI spending or slower margin gains at Coherent could quickly erase Friday’s pop. 11
Markets are closed until Monday, leaving COHR’s post-earnings bounce hanging in the balance as new analyst commentary filters through and traders adjust their books. Eyes now turn to the OFC conference in Los Angeles, slated for March 15-19, with organizers touting a plenary list featuring top names from Coherent and Nvidia. 12
