Stifel analyst Ruben Roy raised the firm’s price target on Lumentum (LITE) to $132 from $100 and keeps a Buy rating on the shares. Q4 results beat guidance and consensus, driven by continued strength in datacom component demand and record levels of EML shipments, the analyst tells investors. Considering ongoing Cloud and Networking strength, as well as the capacity-constrained nature of segment revenues, the firm sees potential upside to management’s forward-looking guidance, the analyst added.
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