UPDATE: Stifel Resumes Infinera Corp. (INFN) at Hold
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(Updated - September 30, 2016 10:14 AM EDT)
Stifel resumed coverage on Infinera Corp. (NASDAQ: INFN) with a Hold rating and a price target of $9. Analyst Patrick M. Newton sees execution risk and subscale exposure to growth markets.
"Although expectations have been reset and valuation (EV/Sales) is bouncing around historical trough levels, we resume coverage with a Hold rating. We see meaningful opportunity for Infinera in the DCI and metro markets, but the company still remains largely tied to the long-haul market (~75% of revenue by our estimate) where we anticipate muted growth in the near-to-intermediate term. While we expect shipment of the company’s Infinite Capacity Engine will help the company regain its competitive leadership position in many markets, we do not expect shipments to accelerate until 2H17 with significant execution risk over the next 2-4 quarters," said Newton.
Shares of Infinera Corp. closed at $9.10 yesterday.
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