Shares of Lumentum Holdings Inc (NASDAQ:LITE) tanked in early trading on Wednesday, after the company reported fiscal third-quarter (Q3) results.
Key Analyst Insights
- Rosenblatt Securities analyst Mike Genovese maintained a Buy rating, and raised the price target from $900 to $1,300.
- JPMorgan analyst Samik Chatterjee reiterated an Overweight rating, and lifted the price target from $950 to $1,130.
Check out other analyst stock ratings.
Rosenblatt Securities: Lumentum’s revenues grew 90% year-on-year and 22% sequentially to $808 million. That’s in-line with expectations, Genovese said. The company achieved very strong margins, with a gross margin of 47.9% and an operating margin of 32.2%, exceeding Rosenblatt estimates by 320 basis points (bps) and 200 bps, respectively, he added.
Management projected revenues for the fiscal Q4 between $960 million and $1.01 billion. That represents more than 100% year-on-year growth at the midpoint, Genovese said. “Sequential growth is to be driven …