Oclaro (OCLR): Buy Ahead Of The Quarter - Needham
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Needham & Company analyst, Alex Henderson, stepped up to the plate and reiterated his Strong Buy rating on shares of Oclaro (NASDAQ: OCLR) and raised the price target to $11 from $10 indicating confidence in a beat and raise quarter despite the recent volatility in optical networking.
CY3Q earnings are expected on November 1st and with 100G representing 64% of revenues, he is expecting more strong top line results. 100G/100G+ products grew 133.7% last quarter, accelerating from 94% growth in the prior quarter.
The analyst stated "We think OCLR could be more than a double—our PT represents 50%+ appreciation, and we think this is still conservative."
Shares of Oclaro closed at $7.33 yesterday.
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