Analyst Consensus ?
ConsensusBuy31 ratings
Bullish2477.4%
Neutral722.6%
Bearish00.0%
Coherent, Inc. · COHR · FY2025 Q2 · Calendar Q1 2025
Coherent sees strong datacom growth as OCS and 1.6T ramp
The event analysis supports a constructive near-term operating thesis: AI-driven datacom demand, 800-gig adoption, the 1.6T ramp and OCS development are offsetting weakness in industrial and automotive-related markets. The thesis remains conditional on sustaining telecom growth, improving margins and converting new platforms into revenue.
Reported After market closeNYSETechnology
$61.16B market cap
70quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.69
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.37B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+11.5%
Event window
SPY move
+0.3%
Same window
Abnormal move
+11.2%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-33.8%
Up to 20 sessions
COHRSPY benchmark
Ask FN2 about COHR FY2025 Q2
Transcript, numbers and history already loaded
What drove COHR's +11.5% move after FY2025 Q2 earnings?What changed in COHR's guidance and outlook in FY2025 Q2?Give me the bull and bear case for COHR after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Coherent reported record Q2 revenue and stronger non-GAAP gross margin, highlighted a first customer order for its OCS platform, and said indium phosphide output tripled year over year. The company maintained Q3 guidance while continuing to flag caution in industrial and automotive-related markets.
Guidance delta
Maintained; Q3 guidance calls for revenue of $1.39-$1.48 billion, EPS of $0.75-$0.95, and gross margin of 37%-39%.
Key takeaways
- Record Q2 revenue was driven by datacom, telecom and AI-related demand.
- Non-GAAP gross margin improved toward the company’s stated 40% target.
- 800-gig transceivers were strong; 1.6T products and OCS are planned growth areas.
- Industrial and automotive-related materials demand remained cautious.
- Q3 guidance was maintained at $1.39-$1.48 billion of revenue and $0.75-$0.95 EPS.
Management priorities
- Ramp 1.6T transceivers in calendar 2025
- Develop a 3.2T transceiver roadmap
- Scale OCS revenue beginning in 2025, with larger contributions in 2026-27
- Expand indium phosphide capacity
- Optimize the portfolio, including planned divestitures of battery recycling and lithium-sulfur assets
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Analyst 52W Price Targets
$312.62Current
$52Low
$217.6Average
$455High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Rosenblatt | Buy | Buy | Maintain | Sep 24, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Sep 1, 2026 |
| Needham | Buy | Buy | Maintain | Aug 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Aug 13, 2026 |
| B. Riley Securities | Neutral | Neutral | Maintain | Aug 13, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 2, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 7, 2026 |
| Stifel | Buy | Buy | Maintain | May 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 21, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Mar 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jan 22, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Aug 14, 2025 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Jun 2, 2025 |
| Benchmark | Buy | Buy | Maintain | May 8, 2025 |
| Craig-Hallum | Buy | Buy | Maintain | Nov 7, 2024 |
| UBS | Buy | Buy | Maintain | Aug 7, 2023 |
| Loop Capital | Buy | Buy | Maintain | May 11, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 9, 2023 |
| William Blair | Perform | Market Perform | Maintain | Oct 17, 2022 |
| Berenberg | Hold | Buy | Downgrade | Jan 21, 2021 |
| Longbow Research | Neutral | Buy | Downgrade | Nov 12, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | May 28, 2020 |
| Goldman Sachs | Buy | Neutral | Upgrade | Apr 24, 2020 |
| PiperJaffray | Overweight | Overweight | Maintain | Dec 20, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 1, 2019 |
| B. Riley FBR | Neutral | Neutral | Maintain | May 5, 2018 |
| Northcoast Research | Buy | Buy | Maintain | Oct 25, 2016 |
| Sidoti & Co. | Buy | Buy | Maintain | Jun 15, 2015 |
| Noble Financial | Buy | Hold | Upgrade | Jan 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $312.62. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Analyst unavailable | $350 | $292.21 | +12.0% | Sep 30, 2026 |
| Deutsche Bank | Analyst unavailable | $400 | $277.83 | +28.0% | Aug 31, 2026 |
| Stifel Nicolaus | Ruben Roy | $420 | $337.34 | +34.3% | Aug 13, 2026 |
| Raymond James | Analyst unavailable | $448 | $348.88 | +43.3% | Aug 13, 2026 |
| Needham | Ryan Koontz | $420 | $355.64 | +34.3% | Aug 13, 2026 |
| Jefferies | Analyst unavailable | $420 | $355.64 | +34.3% | Aug 13, 2026 |
| Raymond James | Analyst unavailable | $435 | $368.65 | +39.1% | Jul 2, 2026 |
| Morgan Stanley | Meta Marshall | $330 | $326 | +5.6% | May 7, 2026 |
| Northland Securities | Analyst unavailable | $230 | $323.58 | -26.4% | May 7, 2026 |
| Raymond James | Analyst unavailable | $371 | $329.34 | +18.7% | May 7, 2026 |
| Stifel Nicolaus | Analyst unavailable | $412 | $329.89 | +31.8% | May 5, 2026 |
| Redburn Partners | Mike Harrison | $455 | $319.71 | +45.5% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $290 | $341.73 | -7.2% | Apr 20, 2026 |
| Morgan Stanley | Meta Marshall | $250 | $248.18 | -20.0% | Feb 23, 2026 |
| Northland Securities | Tim Savageaux | $170 | $204.12 | -45.6% | Feb 5, 2026 |
| Stifel Nicolaus | Analyst unavailable | $235 | $198.78 | -24.8% | Feb 5, 2026 |
| Barclays | Tom O'Malley | $235 | $211 | -24.8% | Feb 5, 2026 |
| Morgan Stanley | Meta Marshall | $190 | $228.51 | -39.2% | Jan 30, 2026 |
| Stifel Nicolaus | Ruben Roy | $220 | $197.26 | -29.6% | Jan 22, 2026 |
| Susquehanna | Christopher Rolland | $235 | $197.26 | -24.8% | Jan 22, 2026 |
| Barclays | Tom O'Malley | $215 | $184.11 | -31.2% | Jan 15, 2026 |
| Morgan Stanley | Meta Marshall | $180 | $175.2 | -42.4% | Dec 17, 2025 |
| Raymond James | Simon Leopold | $210 | $177.35 | -32.8% | Dec 5, 2025 |
| Needham | Analyst unavailable | $190 | $155.44 | -39.2% | Nov 6, 2025 |
| Susquehanna | Analyst unavailable | $160 | $155.44 | -48.8% | Nov 6, 2025 |
| Morgan Stanley | Meta Marshall | $150 | $155.44 | -52.0% | Nov 6, 2025 |
| Susquehanna | Christopher Rolland | $150 | $120.79 | -52.0% | Oct 22, 2025 |
| Barclays | Tom O'Malley | $135 | $116.35 | -56.8% | Oct 20, 2025 |
| Morgan Stanley | Analyst unavailable | $120 | $122.35 | -61.6% | Oct 10, 2025 |
| Barclays | Tom O'Malley | $110 | $114.01 | -64.8% | Aug 14, 2025 |
| Morgan Stanley | Analyst unavailable | $97 | $106.74 | -69.0% | Aug 4, 2025 |
| Northland Securities | Tim Savageaux | $85 | $76.78 | -72.8% | Jun 2, 2025 |
| Raymond James | Strong Buy | $91 | $76.71 | -70.9% | Mar 24, 2025 |
| Loop Capital Markets | Ananda Baruah | $120 | $93 | -61.6% | Nov 7, 2024 |
| Rosenblatt Securities | Mike Genovese | $105 | $98.44 | -66.4% | Oct 22, 2024 |
| B.Riley Financial | Dave Kang | $86 | $102.07 | -72.5% | Oct 18, 2024 |
| Needham | James Ricchiuti | $120 | $104.62 | -61.6% | Oct 14, 2024 |
| Bank of America Securities | Vivek Arya | $108 | $94.27 | -65.5% | Oct 4, 2024 |
| Susquehanna | Christopher Rolland | $120 | $88.91 | -61.6% | Oct 1, 2024 |
| Craig-Hallum | Richard Shannon | $85 | $74.39 | -72.8% | Aug 16, 2024 |
| Needham | James Ricchiuti | $84 | $73.96 | -73.1% | Aug 16, 2024 |
| Rosenblatt Securities | Mike Genovese | $84 | $74.05 | -73.1% | Aug 16, 2024 |
| Needham | Alex Henderson | $70 | $71.53 | -77.6% | Aug 15, 2024 |
| Bank of America Securities | Vivek Arya | $75 | $66.7 | -76.0% | Aug 12, 2024 |
| B.Riley Financial | Dave Kang | $77 | $60.62 | -75.4% | Apr 1, 2024 |
| Needham | James Ricchiuti | $72 | $60.62 | -77.0% | Apr 1, 2024 |
| Barclays | Tom O'Malley | $60 | $45.16 | -80.8% | Jan 16, 2024 |
| Needham | Jim Ricchiuti | $52 | $43.46 | -83.4% | Dec 15, 2023 |
| Needham | James Ricchiuti | $50 | $34.79 | -84.0% | Oct 11, 2023 |
| Needham | Jim Ricchiuti | $64 | $54.74 | -79.5% | Jun 20, 2023 |
| Morgan Stanley | Analyst unavailable | $45 | $35.41 | -85.6% | Dec 13, 2022 |
| Deutsche Bank | Analyst unavailable | $50 | $36.82 | -84.0% | Nov 28, 2022 |
| Barclays | Thomas O'Malley | $65 | $71.55 | -79.2% | Jan 12, 2022 |
| Bank of America Securities | Vivek Arya | $80 | $71.24 | -74.4% | Jan 10, 2022 |
| Craig-Hallum | Richard Shannon | $100 | $74.49 | -68.0% | Jan 4, 2022 |
| Morgan Stanley | Meta Marshall | $82 | $70.5 | -73.8% | Dec 15, 2021 |
| Cowen & Co. | Paul Silverstein | $94 | $66.57 | -69.9% | Dec 13, 2021 |
| Northland Securities | Tim Savageaux | $75 | $64 | -76.0% | Nov 10, 2021 |
| Deutsche Bank | Sidney Ho | $75 | $62.66 | -76.0% | Sep 1, 2021 |
| Stifel Nicolaus | John Marchetti | $82 | $64.38 | -73.8% | Aug 11, 2021 |
Track every rating change on COHR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCoherent, Inc. specializes in advanced laser technologies, offering a comprehensive suite of products that includes lasers, laser-based solutions, and complete systems. These are deployed across a spectrum of uses, from commercial and industrial operations to critical scientific research. The company's operations are distinctly segmented into two primary areas: laser sources for Original Equipment Manufacturers (OEMs) and industrial lasers alongside integrated systems. Coherent handles the entire lifecycle of its offerings, from conceptual design and manufacturing to global marketing and ongoing service.…
Historical context
All COHR earningsTechnology peers this season
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| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-24T13:56:05.058800+00:00
- Polygon adjusted daily market bars · 2026-10-11T12:50:41.935766+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T12:50:41.933037+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.