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Fly News Breaks for May 21, 2019
LITE
May 21, 2019 | 08:45 EDT
Craig-Hallum analyst Richard Shannon lowered his price target for Lumentum to $60 from $81 after the company lowered Q4 guide after suspending shipments to Huawei, which he believes was widely expected. Despite the near-term setback, the analyst maintains the view that Lumentum's improving margin profile can drive significant EPS growth over the long-term as the company capitalizes on multiple strong growth drivers that include 3D sensing, ROADM & 5G demand, Datacom chip sales, and Fiber Lasers. Shannon reiterates a Buy rating on the shares.
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