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Fly News Breaks for October 3, 2019
LITE
Oct 3, 2019 | 19:22 EDT
In a research note issued on October 1st, DA Davidson analyst Thomas Diffely is keeping his Buy rating and $75 price target on Lumetum but lowers his FY20 EPS view by 40c to $4.00 to reflect the company's transceiver business divestment and the "early cadence" of the new iPhone launch toward Q1. The analyst also expects Lumentum's commercial laser business to remain depressed until 2020 amid geo-political uncertainty and an overall soft industrial market, but he still sees the company's photonics chip sales as "doing well" - even though it is off a much lower revenue level. **This story replaces a prior entry which incorrectly stated that Diffely lowered his FY19 EPS outlook.
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