Northland Capital Markets upgraded Coherent Corp. to Outperform from Market Perform on Monday. The decision followed Marvell Technology's definitive agreement to acquire Lumentum in a $115 billion all-stock deal.
Northland's analyst said the acquisition highlights the strategic importance and scarcity of photonic and optical technologies used in AI data centers. The firm maintained its $280 price target for Coherent, citing the company's capabilities in the sector.