UPDATE: Needham & Company Downgrades NeoPhotonics (NPTN) to Buy

November 15, 2013 9:24 AM EST Send to a Friend
Get Alerts NPTN Hot Sheet
Price: $3.20 +3.90%

Rating Summary:
    5 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 28 | New: 36
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(Updated - November 15, 2013 9:32 AM EST)

Needham & Company downgraded NeoPhotonics (NYSE: NPTN) from Strong Buy to Buy with a price target of $10.00 (from $13.00) following the company's third quarter business update.

Analyst Alex Henderson notes: "NeoPhotonics announced it could not complete its financial statements in a timely fashion and offered only partial information on the September quarterly results. It also offered Revenue and GM guidance for CY4Q. While the results were in line with management's guidance for the quarter, they were a hair light from our forecast and as a result we are trimming our forecasts to reflect the guidance. We are also lowering our rating to Buy from Strong Buy and our target price from $13 to $10 to reflect the accounting visibility issue. We are still constructive on the stock but think investors need the full reported financial to invest, and that may take some time to deliver."

The firm trimmed CY14 revenue forecast to $316 million from $323 million and EPS forecast to $0.16 from $0.23.

For an analyst ratings summary and ratings history on NeoPhotonics click here. For more ratings news on NeoPhotonics click here.

Shares of NeoPhotonics closed at $5.89 yesterday.


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