Lumentum price target raised to $100 from $92 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Lumentum (LITE) to $100 from $92 and keeps an Equal Weight rating on the shares. Top-line upside was limited by the fact that the company already pre-announced in June, notes the analyst, who raised estimates as capacity comes online and demand remains healthy. However, this is “more than built into price” at the current valuation given that the stock had already run 50% since the pre-announcement, the analyst contends.