Acacia Communications (ACIA) PT Lifted to $99 at Cowen; ADVA and ZTE Concerns Misplaced
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Cowen analyst Paul Silverstein reiterated his Outperform rating and lifted estimates and his price target on Acacia Communications (NASDAQ: ACIA) to $99.00 (from $90.00). The analyst notes Next-Gen DSP + CFP2-DCO module and customer expansion coming.
Silverstein commented, "Continuing to see ACIA as strongly positioned to benefit from strong optical upgrade cycle, we have increased our estimates and PT and reiterate our Outperform rating. We think ADVA and ZTE concerns are misplaced and expect strong rev diversification. Our checks suggest strong interest (1) from Huawei for Metro; and (2) in new Meru DSP/CFP2-DCO. One concern: our checks suggest NEL is stepping up."
They expect Acacia to report and guide for solid to strong upside to Street consensus estimates for 3Q16 and 4Q16. They have increased forecasts for 3Q16 to $132m/PF EPS (Ex-ESC) $0.88 and for 4Q16 to $148m/$0.84, which reflects their expectation for Acacia to report and guide at the high end of its previously raised guidance.
Shares of Acacia Communications closed at $65.67 yesterday.
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