In a report released today, Tim Savageaux from Northland Securities maintained a Buy rating on Lumentum Holdings (LITE), with a price target of $107.00. The company’s shares closed last Tuesday at $90.11, close to its 52-week high of $96.74.
According to TipRanks.com, Savageaux is a 5-star analyst with an average return of 10.5% and a 58.8% success rate. Savageaux covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Applied Optoelectronics, and Communications Systems.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Lumentum Holdings with a $105.78 average price target, implying a 14.0% upside from current levels. In a report issued on August 3, Rosenblatt Securities also maintained a Buy rating on the stock with a $105.00 price target.
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Based on Lumentum Holdings’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $403 million and net profit of $43.4 million. In comparison, last year the company earned revenue of $433 million and had a GAAP net loss of $74.3 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.
