Needham & Company Raises Price Target on Finisar (FNSR) Ahead of 1Q Report

September 6, 2016 8:15 AM EDT
Get Alerts FNSR Hot Sheet
Price: $29.49 +0.14%

Rating Summary:
    14 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Needham & Company reiterated a Buy rating on Finisar (NASDAQ: FNSR), and raised the price target to $28.00 (from $24.00), ahead of the company's 1Q earnings report. Needham is expecting positive results in the release. Strong growth in Metro Access, Wireless Backhaul, and Metro Core is driving strong Telecom results at FNSR. The continuing delay in the ROADM line card at FNSR is disappointing but expected.

Analyst Alex Henderson commented, "Expect a beat and raise: Driven by sStrong 100G, better than expected 10G/40G, and stronger Telecom. We see upside to our revenue estimates and better than expected margins. We expect FNSR to be uniformly upbeat on the call and we expect the stock to go up. We are buyers into the print. We have several times during the quarter made increasingly upbeat comments and we continue to warm to these shares. We are increasing our Target Price to $28 from $24 and will revisit our estimates on the print. We reiterate our Buy rating."

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

Shares of Finisar closed at $22.32 yesterday.

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