Lumentum (LITE) PT Raised to $50 at Needham & Company
- S&P, Dow rise on health stocks; Nasdaq weighed by Comcast
- Unusual 11 Mid-Day Movers 10/27: (PCMI) (OCN) (TTMI) Higher; (CYH) (RWLK) (AMFW) Lower
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- Tesla (TSLA) Posts Q3 adj.-EPS of 71c
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company analysts Alex Henderson reiterated a Strong Buy rating on Lumentum (NASDAQ: LITE) and raised his price target to $50.00 (from $40.00).
Henderson commented, "We see evidence building across a number of key positives for LITE. Demand from China looks to be setting up exceptionally well for CY17. China ROADM demand is likely to start to ramp in CY2Q and ramp sharply in CY2H17 through CY18 driving roughly half of LITE's product portfolio. Industrial fiber lasers are set to ramp with positive news fresh from Japan's Amata. And as we move into CY2H17/FY18 LITE's 3D sensor business is positioned to win significant demand for sensors in Mobile devices/Smart-Phones with between $1-2 or more of content per phone. We think this is plenty of reason to raise our Target Price to $50 from $40. Reiterate LITE as a Strong Buy and our Single Best Idea in Optical."
Shares of Lumentum closed at $39.21 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Reiterates Buy on TTM Technologies (TTMI) Following 3Q
- Mizuho Securities Downgrades Community Health (CYH) to Underperform
- Jefferies Raises Price Target on VMware (VMW) to $91 Following Better Than Expected 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!