Needham & Company Raises price Target on Oclaro (OCLR) to $14
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Needham & Company reiterated a Strong Buy rating on Oclaro (NASDAQ: OCLR), and raised the price target to $14.00 (from $11.00), following the company's 1Q report. Oclaro visited ZTE last week. ZTE expects very strong optical growth on a continuing basis in CY4Q and CY17.
Analyst Alex Henderson commented, "Oclaro directly addressed the issues that spooked investors over the last two weeks in the Optical sector. They just visited the Chinese OEMs and Service Providers and concluded demand is very robust and highly visible. ZTE told Oclaro they expect strong optical growth in CY4Q and CY17 which should continue in CY18. Oclaro told investors the Data Comm market for 100G is completely sold out well through CY17. They also accelerated Capex, and offered strong well above street estimates for CY4Q. According to Oclaro, the Super Cycle has legs and is very robust."
Shares of Oclaro closed at $7.34 yesterday.
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