Oclaro (OCLR): Buy Ahead Of The Quarter - Needham
- Wall Street hits record high for third day in a row
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
- Exclusive: Japan's TDK in talks to buy iPhone supplier InvenSense - sources
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- FBR Capital Raises Price Target on Methode Electronics (MEI) Following Better Than Expected 2Q
- Jefferies Raises Price Target on Casey's General Stores (CASY) Following 2Q Earnings Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
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!