Barclays analyst Tom O’Malley lowered the firm’s price target on Lumentum (LITE) to $55 from $65 and keeps an Overweight rating on the shares. The company preannounced Q3 earnings, primarily as a function of an inventory work down at Ciena (CIEN), which represents over half the miss, the analyst tells investors in a research note. With end customers balance sheets in some cases at 2-3 times historical levels, similar results are likely from other telecom levered names through earnings, says the firm.
Published first on TheFly
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