Piper Jaffray analyst Troy Jensen remains a buyer of Lumentum (LITE) shares following yesterday's 33% decline. The reduced forecast at Apple (AAPL) has nothing to do with lost share for Lumentum, rather it is more indicative of lower sales forecasts at this key account, Jensen tells investors in a research note. The analyst continues to believe the 3D sensing market "will grow handsomely" with Apple and he notes that Android phones are just beginning their adoption. He also sees a pending opportunity for world facing 3D sensing applications. Further, the core telco optics market is in the early innings of an upgrade cycle, which should provide a "nice tailwind" for Lumentum, says Jensen. He also thinks the pending acquisition of Oclaro (OCLR) could also be a catalyst for the shares given the earnings accretion once the merger gets approval. The analyst lowered his price target for Lumentum to $72 from $85 and reiterates an Overweight rating on the name.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Erste Group downgraded Apple to Hold from Buy.

Apple (AAPL) supplier TSMC (TSM) has unveiled its A16 chip manufacturing technology featuring nanosheet transistors with "backside power rails" meant for producing its ultra-advanced 1.6nm chips by 2026, Nikkei Asia's Cheng Ting-Fang reports. TSMC says the introduction of the technology can "greatly improve logic density and performance." Reference Link

Alphabet (GOOGL), the parent company of Google, is scheduled to report first quarter 2024 results after the market close on Thursday, April 25, with a conference call scheduled for 4:30 pm Eastern Time. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link