MKM Partners Raises Price Target After Meeting with Oclaro (OCLR)
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MKM Partners reiterated a Buy rating on Oclaro (NASDAQ: OCLR), and raised the price target to $10.00 (from $8.00), after meeting with management. Demand continues to outrun supply as Oclaro is sold out on several of its 100G and above products for the next 2-3 quarters. On others it is sold out for 4-5 quarter.
Analyst "Oclaro remains our top pick, and we are reiterating the Buy rating, even with the stock up 201% in the past year (vs. S&P 500 up 11%). We are also increasing estimates and raising our 12-month price target to $10 from $8, following an upbeat meeting with the CEO and CFO on the MKM Bus Tour this week. Our FY17/FY18 revenue and EPS estimates are now $548mn/$614mn and $0.41/$0.58, compared to $536mn/$588mn and $0.38/$0.48 previously. The new $10 price target is based on 17x our FY18 EPS forecast."
Shares of Oclaro closed at $7.88 yesterday.
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