15 Hot Tech Stocks to Buy Right Now

9. Coherent Corp. (NYSE:COHR)

Upside Potential: 28%

Number of Hedge Funds: 51

Coherent Corp. (NYSE:COHR) is a developer and manufacturer of engineered materials, networking products, optoelectronic components, and optical and laser systems for the industrial, communications, electronics, and instrumentation markets. The company holds a strong position in the optical communications market, particularly with its innovative solutions for data centers, such as datacom optical transceivers.

In its Q1 2025 (November 2024) earnings presentation, the company envisaged an aggregate addressable market of $64 billion across its four major end-markets with Industrial and Communications accounting for around $22 billion each. The Q1 results were robust with revenue rising 28% year-over-year to $1.35 billion and adjusted gross margin improving by 290 basis points to 37.7%. Analysts remain broadly positive on the company as they still expect an average upside of 28% from current levels. On January 25, 2025, the Barclays analyst raised the price target for Coherent Corp. (NYSE:COHR) to $125 from $105 and reiterated his Overweight rating.