Raymond James analyst Simon Leopold lowered the firm’s price target on Lumentum (LITE) to $73 from $84 and keeps an Outperform rating on the shares following its negative Q3 pre-announcement. The firm, which believes the leading telco customer behind Lumentum’s sales shortfall was Ciena (CIEN), tells investors in a research note that Lumentum’s the miss was larger and sooner than anticipated.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on LITE:
