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Lumentum downgraded to Neutral from Buy at Rosenblatt
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Lumentum downgraded to Neutral from Buy at Rosenblatt

Rosenblatt downgraded Lumentum (LITE) to Neutral from Buy with a price target of $48, down from $77. The company negatively preannounced fiscal Q3 and said a 10%-plus customer, likely Ciena (CIEN), pushed-out shipments in March for the purpose of inventory management, the analyst tells investors in a research note. The firm says that while Ciena’s fiscal 2023 inventory reduction was expected, it happened much quicker than expected. It says the "sudden lack of telecom visibility" is added to Lumentum’s previous weakness in datacom and 3D sensing.

Published first on TheFly

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