Barclays analyst Tom O’Malley downgraded Lumentum (LITE) to Equal Weight from Overweight with an unchanged price target of $165. The firm cites valuation for the downgrade following the stock’s recent rally. Lumentum’s risk/reward profile is less attractive than peers as its upside from externally-modulated laser capacity expansion and optical transceiver customers is more limited with an already high bar, the analyst tells investors in a research note.
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