Lumentum price target raised to $420 from $230 at Susquehanna

Susquehanna analyst Christopher Rolland raised the firm’s price target on Lumentum (LITE) to $420 from $230 and keeps a Positive rating on the shares. The firm updated targets in the semiconductor group as a part of an earnings preview. Susquehanna generally expects in-line results to modest upside in Q4, amid a “steadying upcycle” and a broadening of the artificial intelligence infrastructure supply chain. While the industrial end market is improving, auto remains somewhat challenged, the analyst tells investors in a research note.