Coherent price target raised to $74 from $70 at Morgan Stanley

Morgan Stanley analyst Meta Marshall raised the firm’s price target on Coherent (COHR) to $74 from $70 and keeps an Equal Weight rating on the shares. The firm would “generally lean positive” into Coherent’s analyst day next week as the company is likely to lay out “the most positive view of profitability and opportunity” and will likely plan towards about $6 of earnings in FY28, the analyst tells investors. However, given the recent rally in the shares, the firm remain on the sidelines as investors are “generally already on board” and it sees a balanced risk/reward as the 40%-plus move over the last month “largely captures this,” the analyst added.