J P M O R G A N North America Equity Research 13 October 2026 Coherent Corp Takeaways From PhotonLink Follow-Up Discussion With Management We attended a follow-up call on PhotonLink, which was announced at ECOC (see takeaways note here), hosted by Coherent's EVP of Optical Components and CTO, Dr. Julie Eng, and EVP of Semiconductor Devices, Dr. Beck Mason. Key takeaways include: Overweight COHR, COHR US Price (12 Oct 26):$288.02 IT Hardware/ Telecom & Networking Equipment Joseph Cardoso AC (1-212) 622-9036 ...

We attended SEMICON Day 1 in San Francisco and recap key takeaways from our meetings with AMAT, AEIS, FORM, MKSI, NVMI, and VECO. Overall equipment makers sounded constructive on the WFE demand with the focus on ramping manufacturing capacity amidst component shortages in flow meters, optical components, and PCB boards. AMAT: CY30 Financial Targets — AMAT introduced new CY30 targets of 54% non- GAAP GM and 40% non-GAAP operating margin, representing ~400 bps of GM expansion and 200–300 bps of operating leve ...