MKM Partners Raises Price Target After Meeting with Oclaro (OCLR)

September 1, 2016 10:39 AM EDT
Get Alerts OCLR Hot Sheet
Price: $7.52 -9.94%

Rating Summary:
    12 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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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."

For an analyst ratings summary and ratings history on Oclaro click here. For more ratings news on Oclaro click here.

Shares of Oclaro closed at $7.88 yesterday.

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