Shares of Coherent Corp (NASDAQ: COHR) soared 17% on Wednesday after the company reported strong earnings for the first quarter of 2023.
Coherent reported revenue of $649.4 million, up 25% year-over-year. Earnings per share were $3.44, beating analysts' expectations of $3.30.
The company also raised its guidance for the full year, calling for revenue of $2.7 billion and earnings per share of $12.80.
Analysts were impressed with Coherent's results. "Coherent continues to execute well and deliver strong growth," said Michael Turits, an analyst at Jefferies. "We are raising our price target to $400."
Coherent's stock is up more than 50% in the past year. The company is a leader in the laser manufacturing market. Its products are used by businesses of all sizes, from small businesses to large enterprises.
Coherent's strong results are a sign that the company is well-positioned to continue growing in the years to come. The company is benefiting from the increasing adoption of laser technology and the growing demand for laser-based products and services.
About Coherent Corp
Coherent Corp is a leading provider of laser manufacturing products and services. The company's products are used in a wide variety of industries, including semiconductor manufacturing, materials processing, and medical devices.
Coherent was founded in 1964 and is headquartered in Santa Clara, California. The company has operations in North America, Europe, and Asia.
Analyst Rating
Analysts are bullish on Coherent Corp's stock. The company has a consensus price target of $400, which is more than 20% above its current price. Analysts believe that Coherent is well-positioned to continue growing in the years to come.
Risk Factors
There are some risk factors that investors should be aware of before investing in Coherent Corp stock. These risk factors include:
- The company faces competition from other providers of laser manufacturing products and services.
- The company's growth could be impacted by economic downturns.
- The company's stock price is volatile and could fluctuate significantly.
Overall, Coherent Corp is a well-positioned company with a strong track record of growth. The company is benefiting from the increasing adoption of laser technology and the growing demand for laser-based products and services. However, investors should be aware of the risk factors before investing in the company's stock.
People also ask
⚐ What are the top stocks to invest in right now?☵ What happens to stocks when they're delisted?