Lumentum marginally up as Bernstein initiates coverage with outperform and $1,220 PT

Lumentum Holdings shares were marginally up 0.24% at $975.83 premarket. Bernstein initiated coverage with an “outperform” rating and a $1,220 price target, citing continued upside to transceiver pricing as data center switches move to higher speeds. LSEG data compiled from 28 analysts shows an average “buy” rating and a median price target of $1,141; the stock has more than doubled YTD through the last close.