UPDATE: Raymond James Downgrades Lumentum (LITE) to Outperform
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Raymond James analyst Simon Leopold downgraded Lumentum (NASDAQ: LITE) from Strong Buy to Outperform with a price target of $88.00.
The analyst comments "We downgrade our rating on Lumentum to Outperform from Strong Buy, but raise our estimates and price target to reflect increased 3D sensing. We tweaked our model for Lumentum's recently issued convertible debt and associated cash usages. The downgrade is largely base on valuation after the stock reached our target, and even on higher estimates, we cannot support a Strong Buy. Our model could prove conservative, as we have only allocated 50% of the incremental 3D opportunity we think it could be within Lumentum's grasp in CY20."
Shares of Lumentum closed at $81.50 yesterday.
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