Lumentum shares rise on strong forecast and Q4 beat
Photonic product maker Lumentum Holdings LITE.O shares gain more than 8% to $887.40 in premarket trading.
LITE forecast first-quarter revenue above analysts' expectations and beat fourth-quarter estimates.
The company also posted Q4 revenue of $1.01 billion versus analysts' average estimate of $987.9 million; adjusted profit per share was $3.23, beating the estimate of $2.97, according to LSEG-compiled data.
The earnings beat was driven by strong demand for the company’s optical components that are critical for AI infrastructure.
Twenty-three of 27 brokerages rate the stock "buy" or higher, while four rate it "hold"; their median price target is $1,116.15, according to data compiled by LSEG.
Up to last day’s close, the stock is up 122.6% year to date.
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