Lumentum price target raised to $60 from $55 at Rosenblatt

Rosenblatt raised the firm’s price target on Lumentum to $60 from $55 and keeps a Buy rating on the shares after fiscal Q1 results “came in solidly” and Q2 revenue guidance was above consensus at the mid-point. Q1 was likely the bottom for Telecom sales and the FY25 outlook looks to be strengthening for AI 800+G chips and modules and a sharp Telecom recovery, the analyst tells investors.