Coherent Corp. (NYSE:COHR) reported better-than-expected second-quarter financial results on Wednesday.

Coherent reported quarterly earnings of 95 cents per share which beat the analyst consensus estimate of 69 cents per share.  The company reported quarterly sales of $1.44 billion which beat the analyst consensus estimate of $1.37 billion.

Jim Anderson, CEO, said, “We delivered strong growth in the December quarter on both a sequential and year-over-year basis, resulting in record revenue, driven by another quarter of strong AI-related Data Center demand as well as growth in our Telecom business. We also drove significant improvement in gross margin and operating margin. I would like to thank my Coherent teammates for their strong execution.”

Coherent shares gained 2.7% to close at $90.10 on Wednesday.

These analysts made changes to their price targets on Coherent following earnings announcement.

• Needham analyst James Ricchiuti maintained Coherent with a Buy and raised the price target from $120 to $125.
• Northland Capital Markets analyst Tim Savageaux maintained Coherent with a Market Perform and boosted the price target from $60 to $80.
• Rosenblatt analyst Mike Genovese maintained Coherent with a Neutral and raised the price target from $105 to $115..
• B of A Securities analyst Vivek Arya maintained the stock with a Buy and boosted the price target from $120 to $125.

Considering buying COHR stock? Here’s what analysts think:

Read This Next:

• Jim Cramer: This Health Care Stock Is A ‘Winner,’ Buy Bitcoin Instead Of Coinbase