Northland lowered the firm’s price target on Lumentum (LITE) to $40 from $57 and keeps a Market Perform rating on the shares. Recent data points across the Communications Technology sector point to areas of slowness in Carrier spending, in addition to the more prominent supply/inventory impacts driving shortfalls at Lumentum and Adtran (ADTN), the analyst tells investors in a sector preview note. Slower carrier and OEM spending was cited in misses from Viavi (VIAV), AudioCodes (AUDC) and A10 Networks (ATEN), which addsweight to slowdown concerns at AT&T (T), the analyst added.
Published first on TheFly
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Read More on LITE:
- Lumentum upgraded to Overweight from Neutral at JPMorgan
- Lumentum price target lowered to $59 from $72 at Needham
- Craig-Hallum downgrades Lumentum to Hold, lowers price target to $50
- Lumentum price target lowered to $60 from $66 at Morgan Stanley
- Lumentum price target lowered to $56 from $70 at BofA
