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Fly News Breaks for January 9, 2020
LITE
Jan 9, 2020 | 05:53 EDT
UBS analyst Tejas Venkatesh downgraded Lumentum Holdings to Neutral from Buy with a price target of $85, up from $71. With the shares nearly doubling in 2019 and now trading at a 15 times price-to-earnings ratio on fiscal 2021 estimates, the risk/reward is now balanced, Venkatesh tells investors in a research note. The analyst believes the positives are now largely reflected in Lumentum shares.
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