Needham analyst Alex Henderson assigned a Buy rating to Lumentum Holdings (LITE) today and set a price target of $87.00. The company’s shares closed last Wednesday at $68.24, close to its 52-week low of $66.33.
According to TipRanks.com, Henderson is a 5-star analyst with an average return of 23.4% and a 61.8% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, Applied Optoelectronics, and CrowdStrike Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Lumentum Holdings with a $93.50 average price target, implying a 30.8% upside from current levels. In a report released yesterday, Raymond James also maintained a Buy rating on the stock with a $93.00 price target.
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Based on Lumentum Holdings’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $479 million and net profit of $83.2 million. In comparison, last year the company earned revenue of $458 million and had a net profit of $49.1 million.
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Lumentum Holdings, Inc. engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications. The Commercial Lasers segment focuses in serving customers in markets and applications such as sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining such as drilling in printed circuit boards, wafer singulation, glass cutting, and solar cell scribing. The company was founded on February 10, 2015 and is headquartered in Milpitas, CA.
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