Morgan Stanley has lowered its price target for Coherent (COHR.US) from $97 to $89 while maintaining a "Hold" rating. According to analysts, the company's fourth-quarter earnings per share exceeded Wall Street expectations; however, the company's outlook remains "disappointing." This situation is particularly notable considering the stock surged 20% last month and earnings reports from other artificial intelligence-related companies have elevated market expectations. Morgan Stanley believes the stock "may likely remain out of favor" at present.