Lumentum Holdings Inc. (LITE) experienced a significant intraday surge, with its stock price soaring 5.04% during Thursday's trading session.
The sharp increase appears to be driven by positive analyst actions following the company's earnings report. Citigroup raised its price target on Lumentum to $560 from $450 while maintaining a Buy rating on the shares. Similarly, Barclays increased its target price to $475 from $365, keeping an Equal Weight rating on the stock.
These upward revisions from major financial institutions reflect growing optimism about Lumentum's financial performance and future prospects, prompting increased investor interest and buying activity in the stock.
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