Piper Jaffray Reiterates Overweight on NeoPhotonics (NPTN) Following Optical Event
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Piper Jaffray reiterated an Overweight rating and $17.00 price target on NeoPhotonics (NYSE: NPTN) following the company's presentation at an Optical Event last week. Piper Jaffray believes that Neo has relatively solid visibility into China demand. NPTN's management has remained confident with respect to sustained strength and believes “China will be lumpy on an upward slope”.
Analyst Troy Jensen commented, "NeoPhotonics presented at our Optical Event last week and the tone from management remained extremely positive. We believe Neo has relatively solid visibility into China demand given the second round of tenders announced (~30K 100G ports, plus ~60K ports for the third wave in 2017), coupled with the company’s high exposure to Hauwei. Given Neo’s leadership in 100G exposure (66% of total sales) and the sustained growth we are expecting for 100G, we are reiterating our Overweight rating and $17 price target on NPTN shares."
Shares of NeoPhotonics closed at $15.68 yesterday.
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