Coherent price target raised to $215 from $180 at JPMorgan

JPMorgan raised the firm’s price target on Coherent (COHR) to $215 from $180 and keeps an Overweight rating on the shares. The firm upped estimates for the optical companies citing “scale-across and multi-rail opportunities.” The firm says the incremental total addressable market associated with scale-across, as well as telecom product innovation to support multi-rail infrastructure in long-haul and metro networks, creates a stronger outlook for the sustainability of “already robust growth rates over a longer period” for the optical names. As it results, JPMorgan is giving the stocks a higher earnings multiple.