Stifel analyst Patrick Newton said he believes optical trends have modestly decelerated in both China and the broader market based on his own checks and public commentary from multiple vendors in the optical supply chain. He is also "aggressively moderating" his 3D sensing expectations in the March quarter, pointing to too many signs of tepid iPhone X sell through, Newton tells investors. Given this, he lowered his price target on Lumentum (LITE) to $66 from $75, though he keeps a Buy rating, citing his constructive view on 3D sensing in the second half of the year. In separate notes this morning, Newton also said he is taking a more conservative view on optical and trimmed his price target on Finisar (FNSR) to $24 from $26, lowered his price target on Fabrinet (FN) to $35 from $40 and cut his target on Oclaro (OCLR) to $8.50 from $10.