Core Insights - Coherent Corp. has launched a new family of laser power and energy meters, FieldMax Touch and FieldMax Touch Pro, aimed at providing lab-grade performance in production and field service environments [1][7] Product Features - The new meters replace the legacy FieldMate and FieldMaxII platforms and feature a modern 5-inch color touchscreen, Ethernet and USB connectivity, and compatibility with Coherent's full range of DB25 sensors [2] - FieldMax Touch Pro includes industry-leading 1 kHz pulse-by-pulse energy measurement using pyroelectric sensors, enhancing its capabilities [2] Market Demand - There is a growing demand for high-accuracy, easy-to-use laser diagnostics across various sectors including manufacturing, QA, R&D, and service, necessitating portable meters that offer laboratory-level precision and analytics [3] - FieldMax Touch meets these requirements by extending the user experience and measurement integrity of the LabMax Touch lab console into a portable, field-ready platform [3] Company Statement - Torsten Rauch, Senior Vice President of the Solid State Business Unit at Coherent, emphasized that FieldMax Touch brings true lab-grade diagnostics into factory and field settings, standardizing workflows across lab, production, and service teams globally [4] Product Variants - Two variants are available: FieldMax Touch for power-only measurements and FieldMax Touch Pro for power plus 1 kHz energy capture, with shared interfaces and mounting accessories to simplify deployment [4] Upcoming Events - Coherent will showcase FieldMax Touch at Photonics West 2026, with general availability expected in late January 2026 and first shipments in mid-February 2026 [5] Company Overview - Coherent is a global leader in photonics, providing technology solutions for industries such as datacenter, communications, and industrial markets, with operations in over 20 countries [6]

Core Insights - The presentation outlines the top 10 stock picks for 2026, emphasizing strong performance in previous years and the potential for continued growth in the current market environment [10][99]. Market Overview - The financial markets experienced significant volatility in 2025, with technology stocks rising by 25% and communication services by 22%, while consumer staples finished in the red [13][12]. - The S&P 500 saw a decline of nearly 20% at one point, with the top stocks for 2025 down more than 20% before rebounding to finish up close to 45% [14][23]. - Gold reached historic highs during this period, driven by global economic uncertainties and increased central bank purchases [15]. AI and Technology Sector - The AI sector played a crucial role in market dynamics, with the "Mag 7" stocks trading at a forward P/E of 31x compared to the S&P 493 at 22x, indicating a significant premium for AI-driven companies [16][17]. - Hyperscalers like Amazon, Google, and Microsoft have increased their capital expenditures on AI infrastructure, raising concerns about the return on investment for these projects [18]. Stock Performance and Recommendations - Micron Technology (MU) is highlighted as a top pick with a market cap of $355 billion, showing a 254% increase over the past year and strong growth metrics [40][41]. - Advanced Micro Devices (AMD) has a market cap of $363 billion and a one-year return of 70%, with improved valuation metrics [52][53]. - Ciena Corporation (CIEN) has a market cap of $34 billion and a one-year return of 166%, with strong analyst revisions indicating positive sentiment [58][59]. - Celestica (CLS) and Coherent (COHR) are also noted for their strong growth and profitability metrics, with significant year-over-year returns [65][69]. Financial Sector Insights - Allstate Corporation (ALL) has a market cap of $53 billion and is focusing on AI underwriting, showing strong EPS growth of 99% year-over-year compared to the financial sector's 14% [72][76]. - Incyte Corporation (INCY) is recognized for its positive earnings and diverse pipeline in biotechnology, with a market cap of $19 billion [81][84]. Mining and Industrial Sector - Barrick Mining Corporation (B) has a market cap of $16 billion and is diversifying into copper, with a forward EPS growth rate of 46% [86][90]. - Willdan Group (WLDN) has a market cap of $1.57 billion and shows strong growth metrics, with a 61% EPS diluted growth rate [91][94]. - ATI has a market cap of $16 billion and is noted for its profitability improvements and strong analyst revisions [95][98].

Core Insights - The presentation outlines the top 10 stock picks for 2026, emphasizing strong performance in previous years and the potential for continued growth in the current market environment [10][99]. Market Overview - The financial markets experienced significant volatility in 2025, with technology stocks rising by 25% and communication services by 22%, while consumer staples finished in the red [13][12]. - A notable correction occurred from February to April 2025, where top stocks were down more than 20% at one point but rebounded to finish up close to 45% for the year [14][23]. - Gold reached historic highs during this period, indicating a safe haven for investors amid market corrections [15]. AI and Technology Sector - The AI frenzy significantly influenced market dynamics, with the "Mag 7" stocks trading at a forward P/E of 31x compared to the S&P 493 at 22x, indicating a premium for AI-driven companies [16][17]. - Hyperscalers like Amazon, Google, and Microsoft have increased their capital expenditures on AI infrastructure, raising concerns about the return on investment [18]. - The market saw a sharp decline in late January 2025 due to fears of overvaluation in AI stocks, leading to significant drops in major indices [22][29]. Stock Performance - The top 10 stocks for 2025 achieved a 45.68% return, significantly outperforming the S&P 500, which was up 17.6% [37]. - Historical performance shows that holding the top stocks from 2023 to 2025 would have yielded a 187% return compared to the S&P 500's 85% [39]. Top Stock Picks for 2026 - **Micron Technology (MU)**: Market cap of $355 billion, ranked 1 in the IT sector, with a one-year return of 254% and strong growth metrics [40][41]. - **Advanced Micro Devices (AMD)**: Market cap of $363 billion, ranked 17 in IT, with a one-year return of 70% and improving valuation metrics [52][53]. - **Ciena Corporation (CIEN)**: Market cap of $34 billion, ranked 3 in IT, with a one-year return of 166% and strong analyst revisions [58][59]. - **Celestica (CLS)**: Market cap of $34 billion, ranked 5 in IT, with a one-year return of 191% and strong growth indicators [65][66]. - **Coherent (COHR)**: Market cap of $33 billion, ranked 8 in IT, with strong growth metrics and a history of consistent earnings beats [69][70]. - **Allstate Corporation (ALL)**: Market cap of $53 billion, ranked 15 in financials, with strong EPS growth and undervalued compared to the sector [72][75]. - **Incyte Corporation (INCY)**: Market cap of $19 billion, ranked 19 in healthcare, with a one-year return of 42% and strong growth potential [81][84]. - **Barrick Mining Corporation (B)**: Market cap of $X billion, ranked 4 in materials, with a one-year return of 186% and strong cash flow [86][90]. - **Willdan Group (WLDN)**: Market cap of $1.57 billion, ranked 5 in industrials, with a one-year return of 190% and strong growth metrics [91][94]. - **ATI (ATI)**: Market cap of $16 billion, ranked 4 in industrials, with a one-year return of 114% and improving profitability [95][98]. Growth Metrics - The average forward revenue growth rate for the top 10 stocks is 20%, with an average EPS growth rate of 73%, significantly higher than the S&P 500's 6% revenue growth and 10% EPS growth [100].

Core Insights - Coherent Corp. has launched the Sapphire XT, a new mid-power visible laser platform utilizing Optically Pumped Semiconductor (OPS) technology, which is compact and offers enhanced performance [1][6] Product Features - The Sapphire XT is a one-box solution available at wavelengths of 488nm, 532nm, and 561nm, each providing 1W of output power, with a footprint comparable to a smartphone and a size reduction of over 50% compared to previous models [1][3] - The platform supports intrinsic modulation through OPS technology, eliminating the need for external components like Acousto-Optic Modulators, thus reducing costs and simplifying integration [3] - It offers customizable wavelengths and options for single-mode or multi-mode fiber coupling, and is compatible with the Coherent OBIS XT platform, extending coverage to 640nm and key UV wavelengths between 261nm and 360nm [3] Market Applications - The Sapphire XT addresses advanced life science applications such as super-resolution microscopy and DNA sequencing, which require precise laser wavelengths and increased output power for higher resolution and throughput [2] - The platform is designed to meet the demands of emerging applications in quantum sensing, holography, and semiconductors, which require ultra-low noise, long-term power stability, and exceptional reliability [2] Company Positioning - Coherent positions the Sapphire XT as a significant advancement in compact lasers for the visible spectrum, aiming to set a new standard for high-power visible lasers that facilitate innovations in life sciences and semiconductors [4] - The company will showcase the Sapphire XT at the BiOS Expo & Photonics West 2026, highlighting its commitment to innovation in the photonics industry [4]

Core Insights - Coherent Corp. will participate in SPIE BiOS and SPIE Photonics West 2026, showcasing its innovations in photonics technology [1][2] - The event will feature presentations on advanced laser architectures, specialty materials, and precision laser processing techniques for various applications [2] Event Participation - Dr. Sanjai Parthasarathi, Chief Marketing Officer, will lead discussions on data infrastructure and medical diagnostics [3][4] - Coherent will exhibit its latest innovations in lasers, materials, and optical components at Booth 4805 during the exhibition [7] Presentation Topics - Key presentations include advancements in bio-compatible specialty fibers, new generation lasers for nonlinear microscopy, and high-efficiency semiconductor laser diodes [4][5][6] - Topics also cover optical technologies for inertial fusion energy and high-performance fiber lasers [5][6][7] Company Overview - Coherent is a global leader in photonics, providing technology solutions for data centers, communications, and industrial markets [8] - The company has been operational since 1971 and serves customers in over 20 countries, emphasizing its broad technology stack and supply chain resilience [8]

Core Insights - Attalon, Inc. has launched as an independent company following its acquisition by Advent International, focusing on high-performance systems for next-generation warfare [1] - The company has appointed John Bergeron as President and CEO, who has extensive experience in the aerospace and defense sector [2] - The rebranding to "Attalon" signifies a shift to a dedicated defense platform, emphasizing authority and precision [3] Strategic Focus - Attalon aims to invest in three critical growth areas: speed, power, and precision, to enhance its engineering excellence and talent [4] - The company positions itself as a core provider of optical and directed energy systems, moving beyond being a mere component supplier [4] Industry Presence - Attalon will showcase its new brand and capabilities at Photonics West in San Francisco from January 20-22, 2026 [5] - The company specializes in critical optical, laser, and coating technologies, employing over 500 people in the U.S. [6] Product Offerings - Attalon delivers high-performance optical systems for ISR&T applications across various domains [8] - The company designs and produces advanced lasers for directed energy weapon systems and laser communications [8] - Attalon provides high-temperature specialty coatings capable of withstanding extreme conditions, essential for military applications [8]

Core Insights - Coherent Corp. has launched the WaveShaper 1000A Sharp, a programmable optical filter that offers industry-leading fine frequency resolution with a 5GHz resolution optical bandwidth, providing approximately two times finer resolution than previous models [1][5] Group 1: Product Features - The WaveShaper 1000A Sharp generates extremely steep filter slopes, making it suitable for advanced optical network and photonics applications [1][5] - It is the first fiber-optic programmable filter to achieve this level of resolution and slope performance [1] Group 2: Applications and Benefits - The product enables network designers to accurately emulate and optimize channel filtering effects in complex optical networks, improving transmission performance [2] - It is particularly beneficial for applications such as microwave photonics, terahertz spectroscopy, and metrology due to its ability to create steep and highly selective programmable filter profiles [2] Group 3: Market Impact - The WaveShaper 1000A Sharp enhances flexibility and reduces costs in the planning and design of meshed optical networks by replacing the need for multiple ROADMs or wavelength selective switches with a single programmable instrument [3] - Customers can rapidly evaluate complex filter effects by defining the desired response in software, streamlining the design process [3] Group 4: Availability - The WaveShaper 1000A Sharp is available as a benchtop instrument for laboratory operation and is compatible with Coherent's WaveAnalyzer™ family of high-resolution optical spectrum analyzers [3] - The product is orderable now and shipping immediately, with a showcase planned at Photonics West, Booth 4805 [3]

Core Insights - Coherent Corp (NASDAQ: COHR) demonstrates a strong alignment between its financial performance and growth narrative, indicating real growth and visible demand [1] Group 1: Company Performance - The operating leverage of Coherent Corp is currently favorable, contributing positively to its financial results [1] - The company is positioned for aggressive growth, with expectations of becoming highly profitable within 1-2 years [1] Group 2: Investment Philosophy - The investment approach emphasizes long-term discipline and consistent alpha generation, with a focus on companies like Coherent Corp that have significant growth potential [1]

Core Insights - Coherent Corp (NASDAQ: COHR) demonstrates a strong alignment between its financial performance and growth narrative, indicating real growth and visible demand [1] - The company is experiencing significant operating leverage, which is contributing positively to its financial outcomes [1] Investment Philosophy - The investment approach focuses on GARP (Growth at a Reasonable Price) with an emphasis on companies that show aggressive growth potential and are on track to achieve high profitability within 1-2 years [1] - The philosophy prioritizes long-term discipline and consistent alpha generation, while also acknowledging the inherent risks involved [1]

Core Insights - Coherent Corp. (COHR) achieved a 249-basis-point year-over-year growth in gross margin and a significant 1,081 basis-point expansion in operating margin during Q1 of fiscal 2026, indicating strong potential in maximizing value from its AI infrastructure business model [1][10]. Financial Performance - The company experienced a 17.3% year-over-year revenue growth, primarily driven by high demand for its product portfolio, particularly the 1.6T transceiver [2][10]. - Total costs and expenses rose by 2.7% year-over-year in Q1 FY26, which is considered minimal given the strong demand [4]. - The recent divestiture of the Aerospace & Defense business positively impacted gross margin and earnings per share (EPS), contributing to overall profitability [4]. Market Opportunities - Management has initiated 6-inch Indium Phosphide (InP) production in Jarfalla, Sweden, capitalizing on the growth of AI datacenters [3]. - The addressable market for Optical Circuit Switches is valued at over $2 billion, presenting a significant growth opportunity for the company [3]. Stock Performance and Valuation - Coherent's stock price surged by 84.9% over the past year, outperforming the industry average growth of 17% [5]. - The company trades at a forward 12-month price-to-sales ratio of 3.78X, which is higher than its peers Adeia Inc. (4.72X) and Skillsoft (0.15X) [8]. Earnings Estimates - The Zacks Consensus Estimate for COHR's earnings for fiscal 2026 and 2027 has increased by 1.6% and 1.1%, respectively, over the past 60 days [11].