Acacia Communications (ACIA) PT Raised to $100 at Needham & Company Following 'Exceptional' Q2
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Needham & Company analyst Alex Henderson reiterated a Buy rating and raised his price target on Acacia Communications (NASDAQ: ACIA) to $100.00 (from $65.00) following an "exceptional" quarter.
Henderson commented, "Acacia reported an exceptional quarter coming in substantially ahead of the highest forecast on the street with Revenues up 100% yearover-year and 36% above our forecast. EPS of $0.77 dwarfed our estimate of $0.28 and increased 370% year-over-year from $0.16. The "Super-Cycle" dynamics of strong growth from China, strong demand from Metro Core, and strong demand from the Data Center Interconnect (DCI) market drive the growth and keeps Acacia supply constrained in CY3Q and into year-end. Acacia expects additional orders in all three markets to keep demand strong. We are sharply increasing our estimates and our Target Price."
The firm raised FY 2016 EPS from $1.56 to $2.61 and FY 2017 EPS from $2.43 to $2.86.
Shares of Acacia Communications closed at $67.70 yesterday.
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