UPDATE: DA Davidson Starts Lumentum (LITE) at Buy

(updated to add analyst comment)

DA Davidson initiates coverage on Lumentum (NASDAQ: LITE) with a Buy rating and a price target of $77.00.

Analyst Mark Kelleher launches new coverage. He sees a strong opportunity with 3D sensing commenting "We believe LITE is in advanced discussions with a number of possible consumer customers, and that 3D sensing could drive significant revenue over the next several years." He believes the company is well positioned to participate in the growth story within China when it comes to optical networking.

For an analyst ratings summary and ratings history on Lumentum click here. For more ratings news on Lumentum click here.

Shares of Lumentum closed at $62.50 yesterday.

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