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Fly News Breaks for June 28, 2018
OCLR, LITE
Jun 28, 2018 | 08:40 EDT
MKM Partners analyst Michael Genovese kept his Buy rating and $84 price target on Lumentum (LITE), saying the company's Q1 guidance is "reasonable/achievable" based on the FY19 3D unit demand, average selling prices, and market share trends. The analyst expects FY19/20 to benefit from sales of vertical-cavity surface-emitting laser technology and also anticipates "solid demand ramp" from the Android ecosystem. Genovese also contends that the market has not priced in the "significant earnings accretion" that will be realized from Lumentum's acquisition of Oclaro (OCLR).
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