Needham cuts price targets on Backblaze and Lumentum, keeps Buy ratings
Needham kept Buy ratings on Backblaze and Lumentum but lowered price targets to $15 from $23 and $800 from $1040, TradingView reports.
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what happened
Needham analysts kept their Buy rating on Backblaze and cut the price target to $15 from $23, a 34.8% reduction. Based on the November 2 close of $7.40, the new target implies an upside of 102.7%.
For Lumentum Holdings, Needham also maintained its Buy rating but reduced the target to $800 from $1040, a 23.1% cut. Measured against the November 2 close of $684.40, that target implies an upside of 16.9%. According to Benzinga data, four recent notes from other analysts over the past 30 days set targets between $1200 and $1300.
The information comes from TradingView, which cites Benzinga as the data provider.
why it matters
A single analyst's target change usually shifts sentiment around individual stocks rather than the broader market. For Lumentum, the new Needham target sits well below recent targets from other brokers, which may narrow the gap between analyst views on the stock.
tags
instruments
sources
- Needham maintains Backblaze at Buy, lowers price target to $15 from $23 — TradingView, 3 November 2026 at 10:35 UTC
- Needham maintains Lumentum Holdings at Buy, lowers price target to $800 from $1040 — TradingView, 3 November 2026 at 10:39 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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