Lumentum (LITE) PT Raised to $108 at Raymond James Following Coherent Deal

Raymond James analyst Simon Leopold raised the price target on Lumentum (NASDAQ: LITE) to $108.00 (from $93.00) while maintaining an Outperform rating.

The analyst commented, "We maintain our Outperform rating on Lumentum; it announced its intent to acquire Coherent and pre-announced its December quarter. We like, but do not love, the deal. Diversification and the growth potential are positives, but we struggle with the premium valuation. We think the day's sell off (down 11%) mostly reflects disappointment vs. Street whisper above consensus as opposed to the acquisition. We expand our model to CY22 and raise our target to $108."

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