Barclays Upgrades Lumentum to Overweight, $1,000 Target Implies 36% Upside

Barclays upgraded Lumentum Holdings (LITE) from Equal Weight to Overweight on July 20, 2026, keeping a $1,000 price target. Shares rose 7.7% to $775.87, making LITE the S&P 500's top performer. The target implies roughly 36% upside. The call landed about four months after Reuters reported Nvidia's plan to invest $2 billion in Lumentum for data center chip technology.