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Fly News Breaks for December 19, 2019
LITE
Dec 19, 2019 | 08:50 EDT
Northland analyst Tim Savageaux raised his price target for Lumentum to $90 from $77 and keeps an Outperform rating on the shares. The stock has moved higher based on a greater appreciation of both gross margin expansion and solid demand in optical communications, but the next leg of upside for the shares lies in 3DS sensing, Savageaux tells investors in a research note. The analyst adds that recent management comments around 50% total addressable market growth in 2020 and a favorable competitive environment could make his newly initiated and Street-high fiscal 2021 earnings estimates look conservative.
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