Needham & Company Reiterates Strong Buy on Lumentum Holdings (LITE)
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Needham & Company maintained a Strong Buy rating and $50.00 price target on Lumentum Holdings (NASDAQ: LITE) after adjusting estimates. Needham increased 2017 revenues to $1,185 million from $1,162 million and EPS to $2.35 from $1.98. 2018 estimates were raises as well, with revenues to $1,320 billion from $1,299 million and EPS to $2.58 from $2.28.
Analyst Alex Henderson commented, "Telecom grew 14% Q-Q and 25% yr-yr. ROADMs increased 11% Q-Q and 184% yr-yr. 100G Data Comm grew 248% yr-yr. The bulk of Lumentum's lines are sold out well into CY17 and Lumentum is seeing demand increase at least as fast as they can increase capacity. There were two one-time items that impacted the September quarter and one that impacted the first half of the December quarter and thereby the guide. It was a defective part from a key supplier. The issue is resolved but it cost a lot of the reported upside and diminished the guide. Otherwise they were way ahead of forecast on both Reported and guidance. We are sharply increasing estimates."
Shares of Lumentum closed at $38.90 yesterday.
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