Coherent Corp. COHR reported better-than-expected earnings for the first quarter on Wednesday.

The company posted quarterly earnings of 74 cents per share which beat the analyst consensus estimate of 61 cents per share. The company reported quarterly sales of $1.35 billion which beat the analyst consensus estimate of $1.31 billion.

Jim Anderson, CEO, said, "We delivered solid growth in the September quarter on both a sequential and year-over-year basis, driven primarily by our AI-related Datacom transceivers. We also drove higher gross margin and operating margin. I continue to be excited by the opportunity to unlock significant long-term shareholder value."

Coherent said it sees second-quarter revenue of $1.33 billion to $1.41 billion and adjusted EPS of 61 cents to 77 cents.

Coherent shares gained 5.3% to trade at $104.72 on Thursday.

These analysts made changes to their price targets on Coherent following earnings announcement.

Benchmark analyst Mark Miller maintained Coherent with a Buy and raised the price target from $90 to $112. Susquehanna analyst Mehdi Hosseini maintained Coherent with a Positive and raised the price target from $120 to $125. Citigroup analyst Atif Malik maintained Coherent with a Buy and raised the price target from $88 to $106.

Considering buying COHR stock? Here's what analysts think:

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