Lumentum (LITE) PT Raised to $50 at Needham & Company
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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.
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