Lumentum price target raised to $75 from $70 at Barclays

Barclays analyst Tom O’Malley raised the firm’s price target on Lumentum (LITE) to $75 from $70 and keeps an Overweight rating on the shares. The company’s Google ramp is driving June revenue and $500M is likely a Q4 goal versus the Q3 surprise, the analyst tells investors in a research note. The firm says Lumentum’s short-term model has improved.