Lumentum price target raised to $52 from $49 at UBS

UBS raised the firm’s price target on Lumentum to $52 from $49 and keeps a Neutral rating on the shares. Lumentum’s December quarter results were soft and most of Lumentum’s businesses have hit concurrent speed bumps, the analyst tells investors in a research note. While UBS thinks the investment community has already pivoted focus to CY25 suggesting the FY24 outlook is less relevant, the starting point heading into CY25 is notably lower, the firm adds.