Lumentum initiated with a Buy at Stifel

Stifel analyst Ruben Roy initiated coverage of Lumentum with a Buy rating and $68 price target. Lumentum participates in the global optical component market, which he expects to be a longer-term beneficiary of data growth and the ongoing shift to digital and virtual work and life, said Roy. Key acquisitions, including NeoPhotonics and the recent acquisition of IPG Photonics’ telecom transmission assets, has established Lumentum as "a market leading provider of optical and photonic products for the cloud and telecom network infrastructure markets," added the analyst.