Northland raised the firm’s price target on Lumentum (LITE) to $150 from $120 and keeps an Outperform rating on the shares following what the firm calls “very strong” fiscal Q4 results and guidance. Though Lumentum did see 50%-plus sequential growth in Cloud modules in Q4, the firm sees the relative lack of reliance on Cloud modules to achieve its pulled-in revenue goal sooner than expected as “a major positive,” the analyst tells investors.
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