On July 6, Coherent rose 3.37% overnight, trading at 345.6 USD/share, with turnover of 156,600 USD. The rebound was driven by multiple positive catalysts following a two-day cumulative decline exceeding 10% amid broader optical communications sector weakness.

On the news front, SEC filings revealed that AXT Inc and Coherent formally signed a Master Development and Supply Agreement effective June 25, establishing a long-term partnership in technology development and product supply. The agreement involves capacity allocation, product roadmap planning, and a three-year wafer supply commitment with Coherent prepaying approximately 22.29 million USD to AXT-Tongmei for committed supply capacity. Additionally, Raymond James raised its target price on Coherent from 371 USD to 435 USD, implying significant upside from current levels.

With no fundamental deterioration evident and the company having recently secured a 50 million USD CHIPS Act subsidy for its Texas Sherman 6-inch indium phosphide production line expansion, the overnight recovery reflects market sentiment repair as multiple positive catalysts are gradually digested.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)