Lumentum price target lowered to $40 from $57 at Northland

Northland lowered the firm’s price target on Lumentum (LITE) to $40 from $57 and keeps a Market Perform rating on the shares. Recent data points across the Communications Technology sector point to areas of slowness in Carrier spending, in addition to the more prominent supply/inventory impacts driving shortfalls at Lumentum and Adtran (ADTN), the analyst tells investors in a sector preview note. Slower carrier and OEM spending was cited in misses from Viavi (VIAV), AudioCodes (AUDC) and A10 Networks (ATEN), which addsweight to slowdown concerns at AT&T (T), the analyst added.