The Lutheran Church accepts the real presence of Jesus:
“Of the Supper of the Lord they teach that the Body and Blood of Christ are truly present, and are distributed to those who eat the Supper of the Lord; and they reject those that teach otherwise. “ - Augsburg Confession, Article X.
“Of the Sacrament of the Altar we hold that bread and wine in the Supper are the true body and blood of Christ...As regards transubstantiation, we care nothing about the sophistical subtlety by which they teach that bread and wine leave or lose their own natural substance, and that there remain only the appearance and color of bread, and not true bread. For it is in perfect agreement with Holy Scriptures that there is, and remains, bread, as Paul himself calls it, 1 Cor. 10:16: The bread which we break. And 1 Cor. 11:28: Let him so eat of that bread.” - Smalcald Articles, Part 3, Article 4.
“Confessional” Lutheran Churches don’t intercommune with other denominations for pretty much the same reasons as Catholics do.
That's a shame to believe in since Lutheran "priests" cannot effect a valid consecration.