Lumentum Stock Soars on Bullish Statement from Mizuho

Lumentum stock soared by over 13% in the premarket session after Mizuho issued a highly bullish statement.

The company's optical and photonic products are widely used in the data center industry, which is experiencing strong demand due to hyperscalers planning to spend over $750 billion on capital expenditure this year.

Lumentum counts big-name clients like Apple, Microsoft, Amazon, Alphabet, and Cisco among its customers.

Analysts are optimistic about the company's prospects, with Mizuho analyst reaffirming a bullish outlook and setting a target of $1000. Other firms, including Citigroup and Northland Securities, have also boosted their targets for Lumentum stock.