Lumentum (NASDAQ: LITE), which makes industrial optical chips and lasers, is a major supplier to Apple (NASDAQ: AAPL). Its 3D sensing chip sales to Apple accounted for 26% of its revenue last year, while its other major customers include Huawei and Ciena.
Lumentum’s fate is closely tied to Apple’s, but its share price has only risen 8% over the past 12 months as Apple’s share price has risen nearly 70%. Let’s see why Lumentum has failed to keep up with its largest client and if it can become a more attractive investment this year.
Why did the bulls avoid Lumentum?
In fiscal 2020, which ended last June, 90% of Lumentum’s revenue …
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