$LITE - Lumentum's buyout of Oclaro $OCLR is triggering consolidation in the industry. The potential M&A targets and buyers include:Finisar $FNSRApplied Opto $AAOIAcacia $ACIAFabrinet $FNCiena $CIENApplied Opto $AAOI stands out the most. Since the M&A started, AAOI actually fell. The stock is now trading at an 8x P/E.Why?Investors won't give up the stock for less than $60. Too bad they cannot bargain for $60 when AAOI closed at $26.79.The alternative is to wait for the business cycle to reverse the downtrend. Once Amazon and Facebook realize AAOI is the better supplier, revenue will bounce back and AAOI will recover.Short-term, rumors will still circulate: AAOI Will get bought out.Agree or disagree?Vote now to 'ping' your pick to over 800 value stock members.