Bernstein comments on Coherent (COHR.US) Q1 results: The results themselves are fine; the key is when they will be delivered, maintaining an "Outperform" rating.

Zhito Finance APP has learned that Bernstein released its latest research report assessing Coherent's (COHR.US) quarterly results: the quarterly report itself is fine; the issue is "when it will be delivered." Coherent reported fiscal 2027 first-quarter revenue of $2.37 billion and earnings per share of $2.09, beating consensus by 2% and 4%, respectively; its fiscal 2027 guidance is revenue growth of 60%, about 10 percentage points above consensus. However, the three levers supporting the $350 target pricethe first $4 billion single-quarter revenue, the first 45% gross margin quarter, and the scale-up optical rampall fall between late 2027 and 2028, i.e., fiscal 2028. The report maintains its rating and target price, and notes that there is no clear catalyst before the March OFC conference.