Lumentum (LITE) stock was on the rise Thursday after the photonic products company received bullish coverage from a top Wall Street analyst. Five-star J.P. Morgan analyst Samik Chatterjee reiterated a Buy rating and increased his price target for LITE stock to $950 from $565, suggesting a possible 3.38% upside for the shares.
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New trading tool for LITE bullsChatterjee updated his coverage of Lumentum following the company’s investor day presentation. Lumentum noted a stronger-than-expected level of forward visibility across its various growth drivers during this event. This, combined with new customer agreements and capacity expansions, triggered the J.P. Morgan analyst to increase his estimates for Lumentum.
Chatterjee isn’t the only analyst who has recently weighed in on Lumentum. Five-star Mizuho Securities analyst Vijay Rakesh maintained a Buy rating and raised his price target to $930 from $750, implying a potential 0.94% upside. The positive coverage from Rakesh is also tied to the company’s investor day event. The analyst has high hopes for the company’s operations in the second half of the year.
Lumentum Stock Movement Today
Lumentum stock was up 1.4% on Thursday, extending a 146.51% year-to-date rally. The stock has also surged 1,544.98% over the past 12 months.
LITE stock trading activity today saw some 2.92 million shares change hands, compared to a three-month average daily trading volume of about 6.81 million shares.
Is Lumentum Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Lumentum is Moderate Buy, based on 11 Buy and five Hold ratings over the past three months. With that comes an average LITE stock price target of $717.07, representing a potential 21.6% upside for the shares.
