Stifel Starts Lumentum (LITE) at Buy

(Updated - December 1, 2022 4:12 PM EST)

Stifel analyst Ruben Roy initiates coverage on Lumentum (NASDAQ: LITE) at Buy, PT $68.00.

The analyst comments "We are initiating coverage of Lumentum Holdings, Inc. (LITE) with a Buy rating and $68 target price. LITE participates in the global optical component market, which we expect to be a longer-term beneficiary of data growth and the ongoing shift to digital and virtual work and life environments. Through a number of key acquisitions, including NeoPhotonics Corporation and the recent acquisition of IPG Photonics’ telecom transmission assets, LITE has established itself as a market leading provider of optical and photonic products for the cloud and telecom network infrastructure markets and, we believe, it will remain focused in this area. In the datacom area, we expect a narrowed focus toward the design and development of photonics chips will support longer-term growth opportunities."

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