Needham & Company Raises Price Target on Finisar (FNSR) Following NDR
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Needham & Company reiterated a Buy rating on Finisar (NASDAQ: FNSR), and raised the price target to $36.00 (from $32.00), following an NDR with management. FNSR expects improving GMs as volume growth and relatively stable pricing are leveraged by improving mix.
Analyst Alex Henderson commented, "Our NDR with CEO Jerry Rawls offers a lot of insight into conditions, the status of the "Super Cycle" and the potential for upside to Finisar numbers. Of particular interest: 1) Rawls thinks the China market is ready to start deploying ROADMs, 2) the ROADM line card line is not in the forecast and is ready to ramp, 3) Rawls thinks Finisar can grow 20-30% in CY17 and CY18, and 4) FNSR thinks China growth will accelerate in CY17 and accelerate again in CY18. Finisar expects accelerating Revenue growth expanding GMs and OPEX leverage. We increase our PT to $36 (from $32) and reiterate our Buy rating."
Shares of Finisar closed at $28.20 yesterday.
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