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Fly News Breaks for May 8, 2019
LITE
May 8, 2019 | 09:28 EDT
DA Davidson analyst Mark Kelleher raised his price target on Lumentum to $90 and kept his Buy rating after its Q3 earnings beat, saying the results were driven by strong sales of ROADM's and fiber lasers along with a full quarter of contribution from Oclaro. The analyst notes that the ROADM demand was "broad-based geographically", with China seeing a particular increase. Kelleher also expects Lumentum's Q4 to benefit from continued strong demand outstripping ROADM supply.
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