Lumentum price target lowered to $60 from $66 at Morgan Stanley

Morgan Stanley analyst Meta Marshall lowered the firm’s price target on Lumentum to $60 from $66 and keeps an Equal Weight rating on the shares after the company negatively pre-announced fiscal Q3 results due to a large network equipment manufacturer having revised orders late in the quarter. Given commentary from network equipment manufacturers, this inventory management correction "had largely been a when, not if," the analyst tells investors.