Lumentum price target lowered to $67 from $78 at Stifel

Stifel analyst Ruben Roy lowered the firm’s price target on Lumentum (LITE) to $67 from $78 and keeps a Buy rating on the shares after the company announced preliminary financial results for its fiscal Q3. A 14% revenue shortfall was primarily attributed to lower than previously expected shipments to key customer Ciena (CIEN) due to inventory management, notes the firm. While lowering its estimates, Stifel said its investment thesis on Lumentum is unchanged from a longer-term perspective.