Lumentum stock drops 11% after a wild reversal, even as Needham lifts its target to $470
Lumentum shares fell 11.3% to $348.26 in after-hours trading Thursday, dropping from a session high near $400. Needham raised its price target to $470 and reiterated a Buy rating. The company’s fiscal Q2 results are due Feb. 3 after the close. Chief Accounting Officer Matthew Sepe will step down in early February, with Eric Chang set to succeed him.