JPMorgan Boosts Lumentum Price Target to $1,280.00 Amid Surge in Revenue

JPMorgan Chase & Co. has increased its price target for Lumentum Holdings Inc. (NASDAQ:LITE) to $1,280.00 from its previous target of $1,165.00 in a research report issued on Wednesday.

The firm currently has an 'overweight' rating on the technology company's stock and suggests that there is a potential upside of 43.76% from Lumentum's current price of $890.39.

This move comes after several other investment analysts have commented on Lumentum, including Jefferies Financial Group and Morgan Stanley, who reiterate their 'buy' and 'outperform' ratings respectively.

The stock has been experiencing a surge in recent times, with revenue increasing 109.3% year over year in the last quarter, according to the company's latest earnings report.