Coherent (NYSE: COHR) shareholders were seeing red on Wednesday. The stock fell 15.3%, compared to a 0.5% decline in the S 500. That drop only erased a portion of the stock's positive returns in 2023, though, as shares remain up by more than 30% year to date.

Wednesday's decline was sparked by a negative shift in Wall Street sentiment after an analyst downgraded the stock.

An analyst at Wall Street firm Rosenblatt lowered Coherent's rating from buy to its equivalent of hold before the market opened, with a short-term price target of $55 per share.

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Source Fool.com