On August 17, Coherent rose 3.16% overnight, trading at $335.70/share, with turnover of $23.19 million. The rally was driven by continued momentum from the company's better-than-expected fiscal Q4 results and a wave of Wall Street target price upgrades.

Coherent reported fiscal Q4 revenue of $2.05 billion, up 34% year-over-year and approximately 3% above consensus estimates. Adjusted EPS came in at $1.74, representing 74% year-over-year growth and exceeding analyst expectations by over 7%. For fiscal Q1, the company guided revenue to a midpoint of approximately $2.3 billion and adjusted EPS of approximately $1.95, surpassing consensus by roughly 7% and 10%, respectively. Following the results, JPMorgan raised its target price to $435, Needham and Jefferies both moved to $420, and Morgan Stanley lifted its target from $330 to $375. Analysts broadly recognized the strong growth outlook driven by AI data center demand, with management noting orders for fiscal 2027 are largely filled and expecting quarterly revenue to surpass $3 billion before the fiscal year ends.

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