Barclays Upgrades Lumentum, Cuts Allegro and Penguin
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- Barclays upgraded Lumentum to Overweight and downgraded Allegro and Penguin, with the moves timed ahead of chip earnings.
- MarketWatch flagged the Lumentum upgrade as a turning point, saying the stock "just got a lot more interesting" now that Barclays has turned bullish.
Why it matters: The split call — long Lumentum, short Allegro and Penguin — signals Barclays sees divergent near-term setups across these chip-exposed names heading into the print, with Lumentum positioned as the favored pick.
