Lumentum Holdings Gets Price Targets Cuts By Analysts After Preliminary Results

Lumentum Holdings Inc. 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.

Lumentum shares dropped 14.7% to $43.77 in pre-market trading.

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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.

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