Lumentum downgraded on lack of catalysts at B. Riley

B. Riley analyst Dave Kang downgraded Lumentum to Neutral from Buy with a price target of $66, down from $90. The analsyt sees a "lack of compelling catalysts" following the company’s fiscal Q2 results. 3D sensing, which used to be a main catalyst, will decline approximately 50% in fiscal 2023, with uncertain growth prospects in 2024, the analyst tells investors in a research note. In addition, datacom is expected to be sluggish in 2023. the firm adds.