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LITE

Lumentum

$41.92

-2.81 (-6.28%)

, OCLR

Bought by LITE

$8.27

-0.165 (-1.96%)

09:17
12/10/18
12/10
09:17
12/10/18
09:17

Lumentum sees $60M in synergies from Oclaro acquisiiton

Lumentum Holdings (LITE) announced that it has completed its previously announced acquisition of Oclaro (OCLR). Oclaro's stockholders previously approved the merger agreement relating to Lumentum's acquisition of Oclaro. As a result of the completion of the acquisition, trading in Oclaro common stock on the NASDAQ Stock Market will cease on December 10, 2018. As previously announced Lumentum anticipates achieving an estimated $60M in synergies in the 12-24 months following the closing of the transaction. Lumentum is not updating any previously provided guidance for fiscal Q2 2019 results to incorporate the impact of the Oclaro acquisition. During its fiscal Q2 2019 earnings conference call, Lumentum will provide an update on Oclaro's contribution to Lumentum's second fiscal quarter.

LITE

Lumentum

$41.92

-2.81 (-6.28%)

OCLR

Bought by LITE

$8.27

-0.165 (-1.96%)

LITE Lumentum
$41.92

-2.81 (-6.28%)

12/06/18
MKMP
12/06/18
DOWNGRADE
MKMP
Neutral
Finisar downgraded to Neutral from Buy at MKM Partners
MKM Partners analyst Michael Genovese downgraded Finisar (FNSR) to Neutral from Buy with a price target of $24 after its merger agreement with II-VI (IIVI) announced last month. The analyst further notes that Q4 is trending well for the optical components group which also includes Lumentum (LITE) and Oclaro (OCLR), but believes that the guidance for March will be "sequentially down due to annual price negotiations and Chinese New Year".
11/28/18
LOOP
11/28/18
NO CHANGE
Target $56
LOOP
Buy
Lumentum price target raised to $56 from $47 at Loop Capital
Loop Capital analyst James Kisner raised his price target on Lumentum (LITE) to $56 and kept his Buy rating, opting for a "long view" on the stock following its November 12th pre-announcement regarding order cuts by Apple (AAPL). The analyst believes that the sell-off in Lumentum stock has given it a "very compelling" valuation and sees his new FY20 EPS view as "conservative and very achievable". Kisner further relates that his conversations with the management indicate that the company "has not yet received an updated forecast from Apple", with some possibility that "this information simply represents 'reverberations' of the same prior cuts, just for different parts of the supply chain."
11/26/18
LOOP
11/26/18
NO CHANGE
Target $225
LOOP
Buy
Apple price target lowered to $225 from $259 at Loop Capital
Loop Capital analyst Ananda Baruah lowered his price target on Apple (AAPL) to $225 and also lowered his Q4 iPhone shipment target to 75M from 80M and 2019 target to 204M from 227M. The analyst cites the latest guidance revisions from Lumentum (LITE) along with reports that Apple's iPhone assembler Foxconn is lowering its output expectations. Baruah keeps his Buy rating on Apple, saying that it remains an "attractive long-term investment" given its median multiple of 15-times earnings, but also warns that the company could announce its guidance update as soon as today after meeting with Foxconn, which may prompt him to make additional estimate reductions.
11/14/18
DADA
11/14/18
NO CHANGE
Target $72
DADA
Neutral
Qorvo price target lowered to $72 from $81 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Qorvo (QRVO) to $72 and kept his Neutral rating after the company cut its Q3 earnings guidance to reflect the expectations of a weaker high-end smartphone demand. The analyst believes that the "softer than expected" launch of the new iPhones by Apple (AAPL) has " triggered a rapid change in order flow over the past couple of weeks" and anticipates similar announcements from other Apple suppliers to track reduced guidance by Qorvo and Lumentum (LITE).
OCLR Bought by LITE
$8.27

-0.165 (-1.96%)

11/13/18
PIPR
11/13/18
NO CHANGE
Target $72
PIPR
Overweight
Piper remains buyer of Lumentum following yesterday's 33% decline
Piper Jaffray analyst Troy Jensen remains a buyer of Lumentum (LITE) shares following yesterday's 33% decline. The reduced forecast at Apple (AAPL) has nothing to do with lost share for Lumentum, rather it is more indicative of lower sales forecasts at this key account, Jensen tells investors in a research note. The analyst continues to believe the 3D sensing market "will grow handsomely" with Apple and he notes that Android phones are just beginning their adoption. He also sees a pending opportunity for world facing 3D sensing applications. Further, the core telco optics market is in the early innings of an upgrade cycle, which should provide a "nice tailwind" for Lumentum, says Jensen. He also thinks the pending acquisition of Oclaro (OCLR) could also be a catalyst for the shares given the earnings accretion once the merger gets approval. The analyst lowered his price target for Lumentum to $72 from $85 and reiterates an Overweight rating on the name.
11/12/18
CHLM
11/12/18
DOWNGRADE
Target $24
CHLM
Hold
Finisar downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum analyst Richard Shannon downgraded Finisar (FNSR) to Hold from Buy and raised his price target on the shares to $24 from $23. The analyst believes that II-VI's (IIVI) $26/share cash and stock offer for the company, which was a 38% premium to the close on November 8th, is more than a fair deal, given that Lumentum's (LITE) offer premium for Oclaro (OCLR) earlier this year was 27%. Shannon has some doubts about whether this deal will close given the Lumentum/Oclaro deal has not yet closed and the intensifying political standoff between the US and China, but also admits II-VI and Finisar would not have agreed to this deal if there was not a good chance of closing.
09/05/18
NEED
09/05/18
NO CHANGE
Target $90
NEED
Strong Buy
Lumentum price target raised to $90 from $80 at Needham
Needham analyst Alex Henderson raised his price target on Lumentum (LITE) to $90 and kept his Strong Buy rating, saying the company is the "strongest" name in the Optical space even though its valuation is the "lowest". Henderson notes that demand in Optical market is accelerating and 3D "looks set to blossom", even as the stock trades at "just 11.5-times" enterprise value to EBITDA. The analyst further states that Lumentum's competition in 3D is "slow to ramp", adding that he anticipates the approved Oclaro (OCLR) acquisition this year to yield up to $1 in earnings per share.

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