Coherent Corp: Key Takeaways from Investor Meetings with CEO

研报英文原文证据摘录

Coherent Corp: Key Takeaways from Investor Meetings with CEO

J P M O R G A N North America Equity Research

22 June 2026

Coherent Corp Overweight

COHR, COHR US

Key Takeaways from Investor Meetings with CEO Price (18 Jun 26):$389.57

IT Hardware/ Telecom & Networking

We hosted investor meetings in NYC and Boston with Coherent’s Jim Anderson Equipment

(Chief Executive Officer) and Paul Silverstein (Investor Relations & Corporate Samik Chatterjee, CFA AC

Communications). Key takeaways from the investor meetings included: (1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

• Datacom TRx demand and pricing healthy; Downplays threat of CPO. Joseph Cardoso

Aggregate datacom TRx pricing was characterized as healthy, with demand (1-212) 622-9036

continuing to exceed supply alongside compressed adoption cycles, including joseph.cardoso@jpmchase.com

for example, the ramp of higher-priced and higher-margin 1.6T TRx occurring Manmohanpreet Singh

before 800G has even finished ramping to peak volumes. Separately, TRx (1-212) 622-4527

demand is not expected to be cannibalized by CPO, as it remains the preferred manmohanpreet.singh@jpmchase.com

choice for standards-based scale-out deployments. Marc Vitenzon

(1-212) 622-3342

marc.vitenzon@jpmchase.com• CPO is on track (or early) with COHR underscoring portfolio breadth.

CPO timing remains on track, if not being pulled forward, with revenue ramp Akanksh Chauhan

expectations reiterated for scale-out in C2H26 and scale-up in C2H27. (1-212) 622-0045

Importantly, COHR highlighted its ability to support CPO beyond the CW laser akanksh.chauhan@jpmorgan.com

and ELS module, including VCSELs, isolators, thermoelectric coolers, PICs, J.P. Morgan Securities LLC

photodetectors, FAUs, PM fiber, and prism micro lens arrays, which in