Stifel reiterates Buy Rating on Lumentum (LITE)He said, "FormFactor reports 4Q(Dec) earnings on Wednesday (AMC). We expect 4Q:24 results slightly above our estimates, in the upper-half of the guidance range. On a segment level, we model foundry-logic revenue down ~20% QQ (muted consumer seasonality) and DRAM slightly up QQ (+75% YY). We suspect Intel may contribute to the QQ decline, though off a lower 4Q run rate could be a reduced headwind. In DRAM, we expect strong 2024 growth momentum to slow (harder compares with DRAM 2x YY), but are optimistic 4Q run rates here can also stabilize as other customer(s) begin to ramp HBM output. We believe FORM can at least meet our 1Q:25 estimates and +9% YY revenue growth forecast in 2025, though our conviction would strengthen if signs of a broader unit-driven recovery emerge. Visibility likely remains limited; however, test supplier Teradyne expressed measured optimism that broader test conditions could improve in the backhalf."