UPDATE: MKM Partners Upgrades Finisar (FNSR) to Buy
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
(Updated - September 9, 2016 10:42 AM EDT)
MKM Partners upgraded Finisar (NASDAQ: FNSR) from Neutral to Buy with a price target of $35.00 (from $21.00). Yesterday Finisar reports results that topped expectations. Analyst Michael Genovese noted strength in 100+G optical.
"We are extremely upbeat on the Optical components/module industry, and we view Finisar as a proven high quality producer. Chinese demand for 10G and 100G Optical modules looks like it could stay strong for multiple years, not just multiple quarters," said the analyst.
Genovese added, "The company turned in solid sequential growth in WSS/ROADM sales in 1QFY17 even without Verizon qualification. Looking ahead to CY17, we expect Finisar to ship ROADMs into Verizon starting early in the year, and also likely into China starting late in the year. GMs are always volatile over time in the industry, but strong demand, tight supply, and Finisar's leadership in a few key product categories suggest that its GMs could be strong-to-solid for at least several more quarters to come."
Shares of Finisar closed at $23.23 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Cowen Downgrades Under Armour, Inc. (UA) to Market Perform
- Edwards Lifesciences (EW) PT Lowered to $114 at Stifel, 'Buy' Kept
- UPDATE: Stifel Upgrades Legacy Reserves (LGCY) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change, Upgrades
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!