Coherent price target lowered to $100 from $120 at Stifel

Stifel lowered the firm’s price target on Coherent (COHR) to $100 from $120 and keeps a Buy rating on the shares. Following the initial wave of calendar Q1 earnings, results and outlooks across the applied technologies group and adjacencies have “largely fared better than expected,” particularly for companies that have exposure to hyperscaler and AI spending, the analyst tells investors. In a group preview, the firm said it expects infrastructure-exposed companies to broadly report and guide in line, but it is lowering estimates for three companies – for AMD (AMD), it lowered PC expectations; for Lattice Semiconductor (LSCC) the firm said its prior 2026 estimates were “aggressive”; and for IPG Photonics (IPGP) the firm expresses increased caution on autos and China. To reflect broad-based multiple compression, the firm is also lowering price targets across most of the group, broadly as a function of lowered multiples due to heightened macroeconomic uncertainty and lack of visibility, the analyst noted.