Lumentum (LITE) PT Raised to $108 at Raymond James Following Coherent Deal
- S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes
- Facebook (FB) Tops Q2 EPS by 59c, DAUs were 1.91 billion on average
- PayPal (PYPL) Tops Q2 EPS by 2c, Guidance Misses
- Alphabet (GOOGL) Crushes Q2 Expectations to Send Shares Higher as Search and YouTube Excel, Attracts a New Street-High Price Target
- Fed maintains federal funds rate at 0 to 1/4 percent
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Raymond James analyst Simon Leopold raised the price target on Lumentum (NASDAQ: LITE) to $108.00 (from $93.00) while maintaining an Outperform rating.
The analyst commented, "We maintain our Outperform rating on Lumentum; it announced its intent to acquire Coherent and pre-announced its December quarter. We like, but do not love, the deal. Diversification and the growth potential are positives, but we struggle with the premium valuation. We think the day's sell off (down 11%) mostly reflects disappointment vs. Street whisper above consensus as opposed to the acquisition. We expand our model to CY22 and raise our target to $108."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Hutchison China MediTech Ltd. (HCM) PT Raised to $50 at Cantor Fitzgerald
- Teck Resources Ltd (TECK-B:CN) (TECK) PT Lowered to Cdn$35 at Scotiabank
- Xeris Pharmaceuticals Inc. (XERS) CFO to Step Down
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesRaymond James, Definitive Agreement
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!