Mizuho starts coverage on Lumentum with 'outperform' rating
Mizuho initiates coverage on optical and photonic products maker Lumentum Holdings LITE.O with an "outperform" rating and a PT of $290
Brokerage says LITE is emerging as a key player in the AI-driven optical networking boom and holds over 50% of the market for indium phosphide (InP) lasers used in advanced AI servers
Mizuho notes Google and other cloud giants are adopting LITE's Optical Circuit Switches (OCS), expected to add $100 million per quarter by FY 2027
Adds NVIDIA NVDA.O will use co's lasers in next-gen AI switches, contributing $50 million per quarter starting FY 2026
Mizuho forecast 37% annual revenue growth and 74% EPS growth between FY 2025 and FY 2028
Sixteen of 21 brokerages rate the stock "buy" or higher and five "hold"; their median PT is $235 - according to data compiled by LSEG
As of last close, LITE up 188.4% YTD
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