Why is Coherent (COHR) stock rocketing higher today

Shares of materials and photonics company Coherent (NYSE:COHR) jumped 5.6% in the afternoon session after StoneX analyst Cody Acree initiated coverage on the company with a Buy rating. According to StreetInsider, Acree started Coherent at Buy with a $425 price target, which the firm said implies about 103% upside. The earnings case is the expansion of six-inch indium phosphide capacity. Management has targeted a doubling of that capacity in the September quarter and more than another doubling by