Lumentum price target raised to $96 from $94 at Raymond James

Raymond James raised the firm’s price target on Lumentum (LITE) to $96 from $94 and keeps an Outperform rating on the shares following the Q2 report that was positively pre-announced along with the CEO transition. The upside to to December primarily came from Industrial Tech, which it says is the “wrong” source, but tells investors that guidance above consensus was good news. The firm still thinks Lumentum hits the $500M sales milestone in September 2025, a quarter early.