Morgan Stanley raised the firm’s price target on Lumentum (LITE) to $595 from $520 and keeps an Equal Weight rating on the shares. Following the company’s investor briefing, the firm walked away “incrementally positive” on OCS demand, particularly as the company noted a multi-billion third OCS order. Consensus is that optical content is increasing quickly and with Lumentum able to benefit from CPO, OCS, more transceivers, and more scale-across, the firm’s estimates move up, the analyst tells investors.
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