Needham analyst Alex Henderson maintained a Buy rating on Lumentum Holdings (NASDAQ: LITE) today and set a price target of $90. The company’s shares closed yesterday at $67.90.
According to TipRanks.com, Henderson is a 5-star analyst with an average return of 14.3% and a 55.0% success rate. Henderson covers the Consumer Goods sector, focusing on stocks such as Acacia Communications, Ceragon Networks, and Extreme Networks.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Lumentum Holdings with a $81.69 average price target, which is a 20.3% upside from current levels. In a report issued on August 22, Raymond James also maintained a Buy rating on the stock with a $85 price target.
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Based on Lumentum Holdings’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $33.5 million. In comparison, last year the company had a GAAP net loss of $54.9 million.
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Lumentum Holdings, Inc. engages in manufacturing of optical and photonic products enabling optical networking and commercial laser. Its components and subsystems are part of telecom, enterprise, and data center network. The company operates in two segments: Optical Communications and Commercial Lasers.
