Stifel raised the firm’s price target on Lumentum (LITE) to $220 from $132 and keeps a Buy rating on the shares. Lumentum’s fiscal Q1 beat and “impressive” Q2 guidance “confirm its role as a key AI enabler,” notes the analyst, who points to the company achieving investor day targets two quarters early. Insatiable Cloud/AI demand, a strategic focus on high-value customers and long-term-service-agreements, and incrementally de-risked execution position Lumentum for “significant, multi-year earnings growth” with long-tailed visibility, the analyst tells investors.
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