UPDATE: Raymond James Downgrades Lumentum (LITE) to Outperform

January 10, 2020 4:35 AM EST
Get Alerts LITE Hot Sheet
Price: $83.47 -0.62%

Rating Summary:
    13 Buy, 7 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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(Updated - January 10, 2020 7:29 AM EST)

(updating comment)

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."

For an analyst ratings summary and ratings history on Lumentum click here. For more ratings news on Lumentum click here.

Shares of Lumentum closed at $81.50 yesterday.

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