Corporate strategy shifts toward higher-margin product lines provide fundamental support in lite stock price forecast valuations through FY With an enterprise value of $4.5 billion, Lumentum might seem reasonably valued at 3 times this year's sales and 28 times its forward-adjusted earnings. But it isn't cheap yet, and it's easy to find other tech stocks that have more growth potential or are trading at lower valuations . It also lacks clear competitive advantages against Sony and Coherent in the VCSEL market. Simply put, I believe Lumentum's decline over the past three years was justified, and I don't see any compelling reasons to buy its stock as a turnaround play for 2024. Written by Quiver ForecastTracker for Quiver Quantitative -> The lite stock price forecast benefits from strong cash flow generation, which could fuel R&D investments, a key driver of competitive advantage in photonics markets.