Finisar (FNSR): Needham Raises EPS 42% For '17
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Needham & Company analyst, Alex Henderson, reiterated his Buy rating on shares of Finisar (NASDAQ: FNSR) and raised the price target to $32 from $28 after Finisar's stars aligned with the Super Cycle in the July Q and October guide. CY17 EPS goes to $1.86 from $1.31 and he introduced a CY18 revenue estimate of $1,753MM and EPS of $2.13.
The slower ramp in 25G/100G due to the lack of NIC cards from Intel has bought Finisar time to ramp its sold-out 100G Data Comm products while the 10G/40G holds in. This is driving better than expected volume and a positive mix shift which is driving up GMs ~300 BPs ahead of forecast in the just posted quarter and guide. The guide for Operating Margins of 14.3-15.3% is as a result 300-400 BPs above forecast and trend suggests further improvement.
Shares of Finisar closed at $23.23 yesterday.
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