UPDATE: JPMorgan Assumes Lumentum (LITE) at Neutral
- Pre-Fed jitters keep S&P 500, Nasdaq below record highs
- Oracle (ORCL) Tops Profit and Sales Views But Stock Falls on Guidance Miss, Analysts Still Raise PTs
- General Motors (GM) to Boost EV and AV Investments to $35 Billion Through 2025
- Oil nears $75 as demand rises, U.S. refiners boost output
- Roblox (RBLX) Lower as DAUs Fall Sequentially
JPMorgan analyst Samik Chatterjee assumes coverage on Lumentum (NASDAQ: LITE) with a Neutral rating and a price target of $80.00.
The analyst comments "We are rating LITE shares Neutral with the robust growth outlook in Telecom and 3D Sensing end-markets balanced by customer concentration risks in both high-growth segments. While we do see a bull case valuation higher than $100, the earnings risk stemming from negative revisions to iPhone build estimates, ASP reduction in 3D sensing and slowdown in Datacom revenues will likely limit re-rating opportunities for the shares. LITE shares have traded as low as 10x next twelve-month P/E during late 2018 and early 2019 led by peaking concerns relative to the iPhone volume cycle (same time as Apple issued a profit warning)."
Shares of Lumentum closed at $67.43 yesterday.
You May Also Be Interested In
- 'Don't Buy a Ticket on This Hinderburng Thesis': Impact on DraftKings (DKNG) is 'Limited' as Opportunity is Around its US DraftKings Business, Analysts Say
- Minto Apartment REIT (MI-U:CN) PT Raised to Cdn$25.50 at RBC Capital
- UPDATE: Butterfly Network (BFLY) Added to Hedgeye's Best Idea Long
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesJPMorgan, Earnings
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!