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Fly News Breaks for January 10, 2020
LITE
Jan 10, 2020 | 08:41 EDT
Raymond James analyst Simon Leopold downgraded Lumentum to Outperform from Strong Buy with a price target of $88, up from $82, to reflect increased 3D sensing. In a research note to investors, Leopold says the downgrade is largely base on valuation after the stock reached his target, and even on higher estimates, Leopold says he cannot support a Strong Buy. He notes that his model could prove conservative, as he has only allocated 50% of the incremental 3D opportunity he thinks could be within Lumentum's grasp in calendar 2020.
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