Lumentum price target raised to $76 from $65 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on Lumentum (LITE) to $76 from $65 and keeps an Overweight rating on the shares as part of an earnings preview. Shares of optical companies continue to outperform the broader group of hardware and networking companies on a year-to-date basis and over the past two months, the analyst tells investors in a research note. The firm says investors are increasingly appreciating the underlying demand drivers in the near- to medium-term, including the growing role of optics in expanding artificial intelligence clusters in datacenters, where capital expenditures remain robust.