These Analysts Revise Their Forecasts On Lumentum Holdings After Q2 Results
Portfolio Pulse from Avi Kapoor
Lumentum Holdings Inc. (NASDAQ:LITE) exceeded Q2 expectations with adjusted earnings of 32 cents per share and sales of $366.80 million, surpassing estimates. The company anticipates Q3 earnings between 20 to 35 cents per share on revenue of $350 to $380 million. Lumentum is expanding its transceiver manufacturing capacity in Thailand to meet the growing demand from AI data centers. Following the report, Lumentum's shares increased by 8.8% to $49.60. Analysts from Rosenblatt, Susquehanna, and Needham have updated their price targets and ratings for LITE.
February 09, 2024 | 4:09 pm
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Lumentum Holdings Inc. reported higher than expected Q2 earnings and sales, and announced expansion plans in Thailand. Shares rose 8.8% following the announcement.
The positive earnings report and sales figures, coupled with strategic expansion plans in Thailand, have likely contributed to the increase in Lumentum's stock price. Analysts' revised price targets and ratings further support the stock's short-term positive outlook.
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