Needham & Company Raises Price Target on NeoPhotonics (NPTN) Following 2Q Results
- Wall Street surges to new highs; transports set record
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Abbott (ABT) Files Complaint to Terminate Alere (ALR) Acquisition
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- After-Hours Stock Movers 12/07: (VYGR) (LULU) (HRB( Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Needham & Company reiterated a Strong Buy rating on NeoPhotonics (NYSE: NPTN), and raised the price target to $20.00 (from $18.00), following the company's 2Q earnings report. By CY4Q end, Neo should be producing roughly 75,000 iTLAs per quarter up from 28,000 in CY1Q. Needham increased revenue estimates for CY16 to $421 million.
Analyst Alex Henderson commented, "Neo's CY2Q was a surprise. The reported numbers were just in-line as PONS fell off sharply and Neo moves to end-of-life this lowmargin legacy product line. Conversely, the 100G line was strong - sold-out, and ramping sharply. We are trimming $20 million of PONs Revenues from the model and increasing our overall Revenue forecast on strong 100G and ramping capacity. We view this as good news and a significant improvement in business quality. We are increasing our estimates, raising our Target Price and Reiterating our Strong Buy Rating."
Shares of NeoPhotonics closed at $13.40 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Illumina (ILMN) Lower as Morgan Stanley Cuts Numbers, Sees Slow Growth Persisting
- Western Digital (WDC): Raising PT After Analyst Day - Baird
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!