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Lumentum Holdings Inc (NASDAQ:LITE) made a good decision to shelve its plans to acquire Coherent Inc (NASDAQ:COHR), as the bidding war had taken the company to an elevated valuation, according to Raymond James.
The Lumentum Holdings Analyst: Simon Leopold upgraded Lumentum Holdings from Outperform to Strong Buy with a $112 price target.
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The Lumentum Holdings Takeaways: The decision to walk away from the bidding war demonstrates management's discipline in “selecting its battles,” Leopold said in the upgrade note.
“We do not ascribe to the bear argument that Lumentem needed to acquire Coherent. So, we do not anticipate it will immediately bid on an alternate target,” the analyst said.
3D sensing continues to be “a driver for upside,” he said.
“We suspect the iPhone 13 will feature a new module that could present an opportunity for Lumentum to retake share. Further, the ramp of Android phones adds a growth dimension,” Leopold said.
“With the deal risk behind us, and upside led by 3D sensing, telecom, LiDAR and 5G, we see an attractive entry point.”
LITE Price Action: Shares of Lumentum Holdings were trading 4.74% higher at $89.80 at last check Friday.
Related Link: Changed Focus: Why This Lumentum, NeoPhotonics Analyst Is Swapping Optical Stocks
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.