Stifel raised the firm’s price target on Lumentum (LITE) to $100 from $85 and keeps a Buy rating on the shares. Lumentum raised its revenue, adjusted operating margin, and adjusted EPS estimate ranges, with management attributing the improved outlook to broad-based strength within its underlying businesses, the analyst tells investors in a research note. The updated guidance is generally indicative of both faster-than-expected product ramps and an acceleration in accelerated compute infrastructure build-outs, the firm says.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LITE:
- Lumentum price target raised to $90 from $80 at Raymond James
- Lumentum price target raised to $73 from $65 at B. Riley
- Lumentum price target raised to $76 from $70 at Morgan Stanley
- Lumentum price target raised to $105 from $94 at Rosenblatt
- Lumentum Holdings: Hold Rating Amid Valuation Concerns and Competitive Pressures