B. Riley analyst Dave Kang raised the firm’s price target on Lumentum (LITE) to $50 from $40 and keeps a Neutral rating on the shares post the fiscal Q4 report. One of biggest announcements was that the company secured a major transceiver award with a new customer, which Riley believes is Nvidia (NVDA), the analyst tells investors in a research note. However, Lumentum’s Thailand facility still needs to go through a qualification process, and as such, it may not see Nvidia revenue until early 2025, adds the firm.
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