Bernstein comments on Coherent (COHR.US) Q1 results: No issues with fundamentals, focus is on timing of realization; maintains "Outperform" rating

智通财经APP has learned that Bernstein released its latest research report evaluating Coherent (COHR.US) quarterly results: the report itself is solid; the main issue is “when results will be realized.” In fiscal Q1 2027, Coherent reported revenue of $2.37 billion and earnings per share of $2.09, exceeding consensus estimates by 2% and 4%, respectively. The guidance for fiscal 2027 projects 60% revenue growth, about 10 percentage points higher than consensus. However, the three key drivers supporting the $350 target price—the first $4 billion single-quarter revenue, the first 45% gross margin quarter, and scale-up of optical volume—all fall between the end of 2027 and into fiscal 2028, namely fiscal year 2028. The report maintains its rating and target price and highlights that there are no clear catalysts before the OFC conference in March.