As previously reported, Morgan Stanley analyst Meta Marshall upgraded Lumentum (LITE) to Overweight from Equal Weight and downgraded Acacia Communications (ACIA) to Underweight from Equal Weight as she believes thematic transitions in the optical sector are being misvalued in the market. On Lumentum, she thinks 3D sensing estimates should be reset and believes the remainder of the year presents more opportunity for upside. Marshall raised her price target on Lumentum shares to $65 from $55. On Acacia, Marshall thinks investors are over-extrapolating its earnings power and not assigning enough risk to customer concentration. However, the analyst raised her price target on Acacia shares to $44 from $38, noting that she is early with her downgrade and believes the company could "post meaningful beats" in the next 6-9 months. Outside of these two outlier ratings, Marshall has an Equal Weight rating on optical components providers Infinera (INFN), II-VI (IIVI) and Ciena (CIEN).