Stifel Raises Price Target on Oclaro (OCLR) to $10; Reiterates Buy
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Stifel reiterated a Buy rating on Oclaro (NASDAQ: OCLR), and raised the price target to $10.00 (from $7.50). Stifel sees potential for upside in gross margins, with the potential to expand toward 35% over the next several quarters. Stifel also currently sees an upside driven by the strong ramp in 100G, which grew 134% y/y and 36% q/q in the latest reported 4Q FY16 results.
Analyst Patrick Newton commented, "We are increasing our target price on Oclaro to $10.00, up from our previous target of $7.50 driven by an increase in our expected multiple, matching our target multiple for Lumentum (Buy, $35.24). We consider 20x our FY18 EPS estimate of $0.50 to be a fair valuation as we see a number of drivers offering potential upside to our current estimates."
Shares of Oclaro closed at $8.39 yesterday.
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