Lumentum price target raised to $80 from $40 at Barclays

Barclays analyst Tom O’Malley raised the firm’s price target on Lumentum (LITE) to $80 from $40 and keeps an Underweight rating on the shares. The company navigated through the Cloud Light transition better than expected and added a third hyperscale customer who is ramping in December, the analyst tells investors in a research note.