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Fly News Breaks for May 7, 2019
LITE
May 7, 2019 | 16:53 EDT
Piper Jaffray analyst Troy Jensen raised his price target on Lumentum to $75 and kept his Overweight rating after its Q3 earnings beat, saying the "solid" quarter was driven by cost synergies with Oclaro acquisition, strong industrial laser demand in telecom, and materializing Android revenues. The analyst adds his price target assumes a forward operating income multiple of 15-times, up from 13-times prior view, based on his " increased conviction regarding growth in 3D sensing."
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