** Mizuho initiates coverage on optical and photonic products maker Lumentum Holdings LITE.O with an "outperform" rating and a PT of $290

** Brokerage says LITE is emerging as a key player in the AI-driven optical networking boom and holds over 50% of the market for indium phosphide (InP) lasers used in advanced AI servers

** Mizuho notes Google and other cloud giants are adopting LITE's Optical Circuit Switches $(OCS)$, expected to add $100 million per quarter by FY 2027

** Adds NVIDIA NVDA.O will use co's lasers in next-gen AI switches, contributing $50 million per quarter starting FY 2026

** Mizuho forecast 37% annual revenue growth and 74% EPS growth between FY 2025 and FY 2028

** Sixteen of 21 brokerages rate the stock "buy" or higher and five "hold"; their median PT is $235 - according to data compiled by LSEG

** As of last close, LITE up 188.4% YTD

(Reporting by Megavarshini G. Somasundaram in Bengaluru)

((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))