Lumentum Holdings Inc. (LITE) saw its stock price soar 9.69% during intraday trading on Wednesday, marking a significant upward movement for the optical communications company.
The surge appears to be driven by positive analyst action, as Citigroup raised its price target on Lumentum to $800 from $560 and maintained a Buy rating on the shares. The firm also opened an "upside 30-day catalyst watch" for the stock, indicating expectations for positive near-term developments.
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