On June 18, Lumentum Holdings rose 3.04% in pre-market trading, trading at 895.03 USD/share, with turnover of approximately $44.79 million. The rally was primarily driven by CEO Michael Hurlston's remarks at the Mizuho Technology Conference, where he stated that Near-Packaged Optics (NPO) technology represents a potentially larger opportunity than Co-Packaged Optics (CPO), with mass production expected in the second half of 2027.

Hurlston noted that NPO deployments require significantly more lasers per rack as hyperscale customers pursue optical backplane connectivity, establishing NPO as a core growth engine. The statement effectively countered recent market pessimism triggered by a SemiAnalysis report suggesting CPO mass production could be delayed to 2028 or even 2029, which had previously pressured the stock. The CEO's new growth narrative provided a constructive offset, driving pre-market recovery. Northland Securities maintains a target price of $1,200 with an Outperform rating.

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