Lumentum price target lowered to $85 from $100 at Susquehanna

Susquehanna analyst Christopher Rolland lowered the firm’s price target on Lumentum to $85 from $100 and keeps a Positive rating on the shares. The analyst said results were impacted by lower demand and continued shortages, which he doesn’t think investors will accept. He said he was disappointed by the guidance cuts and believe they may still have room for further cuts on a combination of the macro and continued constraints.