Coherent Shares Rise After Lumentum Earnings Boost Optical Networking Outlook

3-line summary

• Coherent shares climbed 5.7% in premarket trading to $347.37 after rival Lumentum posted fiscal fourth-quarter revenue and earnings above forecasts and issued stronger-than-expected guidance, according to a Yahoo Finance report.
• Coherent is due to report its own fiscal fourth-quarter results after Wednesday's close, with Wall Street forecasting revenue of about $1.98 billion.
• Raymond James raised its Coherent price target to $435 from $371, citing potential upside from a proposed FCC ban on Chinese optical-transceiver imports and Nvidia's $2 billion investment in Coherent's U.S. manufacturing capacity.

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