COHR’s 8.8% drop: hold through the volatility

I view today’s −8.82% move to $211.62 as an aggressive de-rating, not evidence in these data of a collapse in operating momentum; it does not change my view. Q3 revenue rose 49.9% year over year, net income 69.9%, and net margin improved to 16.2%, up 1.9 pp. Consensus still expects EPS growth of 85.5% in FY 2027 and 51.7% in FY 2028, putting forward P/Es at 20.3x and 13.4x. But the drop is not wholly unjustified: free cash flow was −$868M, the shares are down 39.7% over three months, and the 48.0x trailing P/E leaves little room for setbacks. With 3 shares already at 6.6% of my portfolio, I will hold rather than add or sell.