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Fly News Breaks for January 2, 2020
LITE
Jan 2, 2020 | 06:38 EDT
Needham analyst Alex Henderson downgraded Lumentum to Buy from Strong Buy with a price target of $90, up from $70, and removed shares as the SBI in Optical. The analyst said shares more than doubled over the last year with the Oclaro acquisition delivering robust synergies well beyond initial expectations, 3D outperforming, and ROADMs driving strong Telecom results. Henderson expects Lumentum to have another good year and said although valuation has moved up, shares still look attractive.
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