Lumentum price target raised to $53 from $50 at Craig-Hallum

Craig-Hallum analyst Richard Shannon raised the firm’s price target on Lumentum (LITE) to $53 from $50 and keeps a Hold rating on the shares. The firm said Lumentum’s Q1 guidance wasn’t a surprise given Coherent’s (COHR) results the previous day, so the real debate is the pace of recovery that should certain in early 2024. Craig-Hallum believes the matching commentary from Coherent helps to establish a base for Lumentum’s stock, but is not sure if it sees the near-term catalyst driving it higher.