12:40 AM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target price by $5 to $50, 27.3x our FY 25 (Jun.) EPS estimate, a discount to its 10-year historical average P/E of 38.2x, reflecting our slower growth outlook. We lower our FY 24 EPS estimate by $0.18 to $0.97 and cut FY 25's by $0.62 to $1.83. LITE reported Mar-Q operating EPS of $0.29 vs $0.75, $0.03 above the consensus. Mar-Q revenue fell 0.1% sequentially, driven by a 34% sequential drop in Industrial Technology, due to expected seasonality and increased competition in the 3D sensing business, as well as inventory consumption at its largest industrial laser customer, partially offset by 9% sequential growth in Cloud and Networking, driven by strong data center demand and contributions from the Cloud Light acquisition. We think revenue will continue to be burdened by telecom customer inventory challenges as the pace of spending by telco carriers has slowed more than previously anticipated.