Why Lumentum Holdings Stock Bounced 5% Higher Today
Not for the first time this young month, Lumentum Holdings (NASDAQ: LITE) was a highflier on the stock exchange Monday. Shares of the optical electronics specialist closed the day more than 5% higher in price, thanks to two bullish new analyst notes -- one of which involved a recommendation upgrade. The stock's rise provided a welcome contrast to the S&P 500 index, which fell by 0.2%.Of the two new pundit publications, it was naturally the one with the upgrade that had the greater impact. Before market open that day, Northland analyst Tim Savageaux changed his recommendation on Lumentum to outperform (i.e., buy) from his previous market perform (hold). His price target on the company is $70 per share, which is 34% higher than the stock's current level. Another boost from the world of punditry came from researchers at Stifel. On Monday, that company published its take on last week's Optica Executive Forum at the Optical Fiber Communications industry conference. Continue reading
Not for the first time this young month, Lumentum Holdings (NASDAQ: LITE) was a highflier on the stock exchange Monday. Shares of the optical electronics specialist closed the day more than 5% higher in price, thanks to two bullish new analyst notes -- one of which involved a recommendation upgrade. The stock's rise provided a welcome contrast to the S&P 500 index, which fell by 0.2%.
Of the two new pundit publications, it was naturally the one with the upgrade that had the greater impact. Before market open that day, Northland analyst Tim Savageaux changed his recommendation on Lumentum to outperform (i.e., buy) from his previous market perform (hold). His price target on the company is $70 per share, which is 34% higher than the stock's current level.
Another boost from the world of punditry came from researchers at Stifel. On Monday, that company published its take on last week's Optica Executive Forum at the Optical Fiber Communications industry conference.
