Raymond James upgraded Lumentum Holdings (LITE) from Outperform to Strong Buy on November 2, 2026. The firm raised its price target to $1,328 from $1,036.
The upgrade followed a sharp decline in Lumentum shares after Marvell Technology announced plans to acquire the company in an all-stock deal. Shares of both Lumentum and Marvell fell after the announcement.
Raymond James viewed the market’s negative reaction as overdone and said both companies’ standalone businesses were undervalued. The firm estimated Lumentum’s standalone value at $1,128 per share without the acquisition. Its new price target is based on the pending Marvell acquisition.