Lumentum Analysts Boost Their Forecasts Following Earnings Beat

Author: Avi Kapoor | August 15, 2024 08:58am

Lumentum Holdings Inc. (NASDAQ:LITE) reported better-than-expected fourth-quarter financial results and issued strong first-quarter revenue guidance on Wednesday.

The company reported quarterly earnings of 6 cents per share which beat the analyst consensus estimate of 3 cents per share. The company reported quarterly sales of $308.30 million which beat the analyst consensus estimate of $300.80 million.

“We exceeded our guidance midpoints for both revenue and EPS in the fourth quarter. We booked record orders for datacom chips used in data center applications and saw emerging positive trends in the broader traditional networking market,” said Alan Lowe, President and CEO. “We are making significant progress executing our strategy to broaden our cloud and AI customer base, which will lead to accelerated growth in calendar year 2025.”

Lumentum said it sees fiscal first quarter net revenue in the range of $315 million to $335 million and non-GAAP diluted earnings per share of 7 cents to 17 cents.

Lumentum shares fell 1.5% to close at $45.53 on Wednesday.

These analysts made changes to their price targets on Lumentum following earnings announcement.

• Needham analyst Alex Henderson maintained Lumentum with a Buy and raised the price target from $65 to $70.
• Rosenblatt analyst Mike Genovese maintained the stock with a Buy and raised the price target from $65 to $69.
• B. Riley Securities analyst Dave Kang maintained Lumentum with a Neutral and raised the price target from $40 to $50..
• Barclays analyst Tom O’Malley maintained the stock with an Underweight and boosted the price target from $38 to $40.

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Posted In: LITE