Lumentum up; Bernstein initiates coverage with 'outperform'

** Shares of photonic products maker Lumentum Holdings LITE.O marginally up 0.24% at $975.83 premarket

** Bernstein initiates coverage with "outperform" and $1,220 PT, implying about 25% upside to stock's last close

** Brokerage sees continued upside to transceiver pricing as data center switches move to higher speeds

** Average rating of 28 analysts is "buy"; median PT is $1,141 - data compiled by LSEG

** Up to last close, stock more than doubled YTD