Lumentum Holdings Inc. (NASDAQ:LITE) reported preliminary fiscal third-quarter results.
Lumentum said it expects Q3 revenue to be between $380 million and $384 million versus the company’s earlier expectation of $430 million to $460 million. The company’s board approved an increase of $1.2 billion for the company's buyback program.
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Lumentum shares dropped 14.7% to $43.77 in pre-market trading.
These analysts made changes to their price targets on Lumentum following the release of preliminary results.
- Rosenblatt cut the price target on Lumentum from $77 to $48. Rosenblatt analyst Mike Genovese downgraded the stock from Buy to Neutral.
- Needham slashed the price target on Lumentum from $72 to $59. Needham analyst Alex Henderson maintained a Buy rating.
- Barclays lowered the price target on Lumentum from $65 to $55. Barclays analyst Tom O'Malley maintained the stock with an Overweight rating.
Read More: Dell, Hewlett Packard Enterprise And 2 Other Stock Insiders Are Selling
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.