Lumentum Holdings Inc. (NASDAQ:LITE) reported better-than-expected earnings for the fourth quarter on Tuesday.
The company posted quarterly earnings of 88 cents per share which beat the analyst consensus estimate of 80 cents per share. The company reported quarterly sales of $480.700 million which beat the analyst consensus estimate of $465.756 million.
Lumentum Holdings said it sees first-quarter adjusted EPS of 95 cents to $1.10 and sales of $510.000 million to $540.000 million.
“In our fiscal fourth quarter, we executed exceptionally well in meeting robust demand across our portfolio of cloud products supporting AI data centers,” said Michael Hurlston, Lumentum President and CEO. “This solid performance, combined with sustained customer demand, drove our Q4 revenue above the high end of the upwardly revised guidance we provided in early June. The outperformance was broad-based across our cloud-focused business, with particular strength in components, specifically EML chips, pump lasers, and narrow linewidth laser assemblies for data center interconnect, as well as 800G modules. Looking ahead, we expect continued strong demand for our AI data center and long-haul solutions, giving us confidence in surpassing $600 million in quarterly revenue by June 2026 or earlier.”
Lumentum shares fell 0.1% to trade at $119.52 on Wednesday.
These analysts made changes to their price targets on Lumentum following earnings announcement.
- Needham analyst Ryan Koontz maintained Lumentum with a Buy and raised the price target from $135 to $145.
- B of A Securities analyst Vivek Arya upgraded Lumentum from Underperform to Neutral and raised the price target from $78 to $135.
- Stifel analyst Ruben Roy maintained Lumentum with a Buy and raised the price target from $100 to $132.
- B. Riley Securities analyst Dave Kang maintained the stock with a Neutral and raised the price target from $73 to $83.
- Raymond James analyst Simon Leopold maintained Lumentum with a Strong Buy and raised the price target from $125 to $145.
- Barclays analyst Tom O’Malley maintained the stock with an Overweight rating and raised the price target from $75 to $135.
- Susquehanna analyst Christopher Rolland maintained Lumentum with a Positive and raised the price target from $125 to $140.
- Morgan Stanley analyst Meta Marshall maintained the stock with an Equal-Weight rating and raised the price target from $92 to $100.
- UBS analyst David Vogt maintained Lumentum with a Neutral and raised the price target from $78 to $130.
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