Needham & Company Keeps Top Rating on Finisar (FNSR) Despite Q4 'Miss', Sell-Off
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Needham & Company analyst Alex Henderson reiterated a Strong Buy rating and $31 price target on Finisar (NASDAQ: FNSR) following its Q4 EPS miss and related 22% sell-off.
Henderson commented, "The Finisar release likely gave the bears all the ammunition they need to maul the bull camp, despite a continuing stronger than expected growth story. Management provided a detail-less conference call, leaving more questions unanswered than answered, and not much more was provided on the call back. While we are increasing our Revenue forecast, we are forced to sharply reduce our Gross Margin assumptions and as a result lower our EPS."
The firm cut FY 2015 EPS from $1.84 to $1.60 and FY 2016 EPS was set at $2.01.
Shares of Finisar closed at $25.25 yesterday.
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