Lumentum (LITE) PT Lowered to $75 at Needham & Company
Needham & Company analyst Alex Henderson lowered the price target on Lumentum (NASDAQ: LITE) to $75.00 (from $90.00) while maintaining a Strong Buy rating.
Analyst comments: "Lumentum recently received a request from Apple to reduce shipments of its 3D Sensing VCSELs in FY2Q. The new Revenue guide is down ~21% at the midpoint to $335 million to $355 million, from the prior range of $405 million to $430 million. We believe this is NOT a LITE specific issue and is a broadbased impact across the overall Apple supply chain. From a 3D Sensing standpoint, this is roughly a ~33% reduction in demand across the entire segment assuming Finisar has $20 million/Quarter share and II-VI has $10 million/quarter."