Piper Sandler analyst Troy Jensen lowered his price target for Coherent to $195 from $205 saying that while the company reported improved December quarter results with revenues and earnings above plan, its China exposure resulted in a reduced outlook. However, management noted overall market conditions were stabilizing and demand trends in certain end markets were encouraging, Jensen tells investors in a research note. He continues to like the OLED exposure for Coherent and believes its growth and profits should improve over the next few years. The analyst keeps an Overweight rating on the shares.