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Fly News Breaks for October 31, 2019
LITE
Oct 31, 2019 | 14:46 EDT
Craig-Hallum analyst Rich Shannon said Lumentum's (LITE) "good" report and strong guidance show that it is not just an Apple (AAPL) 3D sensing play but also has strength in Telecom and Datacom. Lumentum's current valuation suggests investors are awarding a low multiple to the Apple business, but he believes diversification within and outside of 3D sensing will "provide reasons for investors to give it a valuation it deserves." He keeps a Buy rating on Lumentum shares and raised his price target on the stock to $85 from $75.
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