LASR - IPG Photonics leads peer gainers after Lumentum's $5.7B Coherent acquisition

Earlier today, Lumentum (LITE) announced acquiring Coherent (COHR) in a cash and stock transaction valued at $5.7B. Lumentum said the merger would expand its penetration of the more than $10B market for lasers and photonics outside of communications and 3D sensing.Peers on the move include IPG Photonics (IPGP) +6.4%, Nlight (LASR) +4.3%, II-VI (IIVI) +3.9%, and MKS Instruments +2.5%.Benchmark analyst Mark Miller says the Coherent acquisition is timely "given an expected recovery in Coherent's key markets and limited expected growth in Lumentum's laser markets."Lumentum shares are currently down 10.8%, and Coherent is up 34.7%.Coherent is also fresh off guiding fiscal Q1 revenue above consensus estimates.

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IPG Photonics leads peer gainers after Lumentum's $5.7B Coherent acquisition