Infinera (INFN): Fixable and Oversold - Needham
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Needham & Company analyst, Alex Henderson, reiterated his Strong Buy rating on shares of Infinera Corp. (NASDAQ: INFN) after CEO Tom Fallon stated he had made some tactical errors and is determined to fix them and right the ship.
The analyst cut estimates to reflect a deeper and more aggressive pricing strategy as INFN aggressively adapts to a "land grab" environment. The timing of the new products, new PIC and new DSP are exacerbating the current conditions. INFN is tactically choosing to price to gain share until these new capabilities are brought to bear. The analyst thinks this will be a 12-18 month turnaround, but also that INFN is oversold. No change to the price target of $15.
Shares of Infinera Corp. closed at $9.04 yesterday.
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