Jefferies raised the firm’s price target on Lumentum to $65 from $53 and keeps a Buy rating on the shares. The firm says June was the trough quarter as Lumentum reported solid results and guidance, and tells investors in a research note that the world is coming to Lumentum as larger and larger GPU clusters require longer-reach, single-mode, transceivers based on EML and CW lasers. Jefferies sees many catalysts and applauds management’s decision to stop developing DSP chips.
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