Lumentum price target lowered to $40 from $41 at B. Riley

B. Riley lowered the firm’s price target on Lumentum to $40 from $41 and keeps a Neutral rating on the shares. Lumentum’s Q3 results were slightly above consensus expectations, while its Q4 outlook fell below the consensus, the analyst tells investors in a research note. No near-term recovery is expected, and both Datacom and Telecom are expected to decline materially in Q4, the firm says.