On September 29, Lumentum rose 3.85% in regular trading, trading at $958.885/share, with turnover of $534 million. The rally was primarily driven by Citi Group raising its target price on Lumentum from $1,200 to $1,400 while maintaining a buy rating — the most aggressive upward revision among recent institutional upgrades.
Citi's move further reinforces a growing bullish consensus among Wall Street analysts. Rothschild & Co had previously raised its target to $1,294.85 from $1,270.27, while Deutsche Bank initiated coverage with a $1,200 target and a buy rating. The average analyst target price now stands at approximately $1,148.76, according to FactSet polling data.
The rebound also carries a technical recovery component, as optical communication stocks suffered a broad selloff in the prior session on September 28, during which Lumentum declined over 5% alongside peers such as Credo Technology and Coherent. Fundamentally, Lumentum's collaboration with Qualcomm and Corning on high-density optical die-to-die interconnect solutions for AI scale-up systems — demonstrated at ECOC — continues to underpin institutional optimism around its positioning in the AI optical interconnect market.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)