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Why Coherent Stock Dropped This Week

TheMotleyFool

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Why Coherent Stock Dropped This Week: https://g.foolcdn.com/editorial/images/737333/robotic-arms-with-silicon-wafers-for-semiconductor-manufacturing.jpg

(NYSE: COHR) shares underperformed the market this week. Shares of the laser products specialist were down 11% through Thursday trading, according to data provided by S&P Global Market Intelligence. That's as compared to a 0.6% drop in the S 500 over that time. The decline didn't interrupt a strong year for shareholders, though, as Coherent's stock is still up nearly 40% so far in 2023.

This week's slump was powered by a downgrade on the stock by a Wall Street firm.

An analyst at the firm Rosenblatt reduced the rating on Coherent's stock to the equivalent of a hold from the prior buy recommendation. The stock's recent rally has gotten ahead of itself, the analyst argued.

Source Fool.com