Piper Jaffray Reiterates Overweight on Lumentum Holdings (LITE) After Meeting with Management
- Wall St. stock futures fall after Italy referendum
- Oil tops $55 for first time in 16 months as OPEC deal fuels buying
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Burberry rejects multiple takeover offers from Coach: Financial Times
- Trump picks ex-rival Carson to head housing department
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray reiterated an Overweight rating and $38.00 price target on Lumentum Holdings (NASDAQ: LITE) after meeting with management and investors. Piper Jaffray believes that LITE generated $50M in ROADM revenue during the June quarter and could reach $65M by the end of the year. Piper also believes that LITE continues to make progress with their single chip CFP2 – ACO design.
Analyst Troy Jensen commented, "We recently held meetings in Santa Clara, CA with the CEO, CFO and VP of Business Development of LITE, as well as with a group of 20+ investors to get an update on optical demand trends and the current state of the 100G cycle. Given Management's positive comments towards demand for Telco optics, as well as traction they are seeing in their Datacom business, we believe the company remains on pace to post another positive quarter. We were also encouraged to hear LITE has likely landed a new 3D sensing design win for a leading smartphone player that could result in meaningful revenue contribution in 2017. Following meetings, we have become incrementally more bullish on the company's forward outlook and reiterate our OW rating and $38 price target on LITE shares."
Shares of Lumentum closed at $35.24 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Upgrades National Beverage (FIZZ) to Outperform
- Street Watchdog Research Lowers Price Target on Dollar General (DG) to $55
- Microsemi (MSCC): Improving Fundamentals and Cash Flow Warrant Higher Multiple - Needham & Company
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesPiper Jaffray, Troy Jensen
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!