The firm upgraded shares to overweight from neutral.
Light waves and laser product maker Lumentum should rally for investors who can see past near-term demand challenges, according to JPMorgan. Analyst Samik Chatterjee upgraded the stock, which is known partly for its autonomous driving technology, to overweight from neutral and raised his price target by $6 to $60. Chatterjee's new price target implies the stock could rally 32.6% from where it finished Friday's session.
mountain Lumentum shares The company is, he noted, facing a "perfect storm" in terms of demand. The data-communications business has been impacted by the broader challenges facing cloud companies, while the commercial lasers business has felt the macro headwinds cooling industrial activity. Meanwhile, he said Lumentum has faced challenges with equipment vendors who purchase equipment and noted the company could see further declines in its three-dimensional sensing business.
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