Jefferies Cuts Numbers On Finisar (FNSR) On In-Line Q3, But Guidance Whiff
Get Alerts FNSR Hot Sheet
Price: $23.77 --0%
Rating Summary:
6 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
Rating Summary:
6 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 18
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Jefferies cuts estimates and its price target on Finisar (NASDAQ: FNSR) from $22 to $18 following roughly in-line Q3 but gave Q4 guidance that was below Street expectations.
"We believe it’s likely that the company will beat its guidance for Q4 given our insights into N. American spending trends. However, we continue to have concerns that Cisco’s acquisition of Lightwire will create an overhang on Finisar shares until there’s more certainty around the potential impact."
The firm cut Q4 EPS estimates from $0.25 to $0.22, FY12 from $0.91 to $0.88 and FY13 from $1.45 to $1.25.
For an analyst ratings summary and ratings history on Finisar click here. For more ratings news on Finisar click here.
Shares of Finisar closed at $20.29 yesterday.
"We believe it’s likely that the company will beat its guidance for Q4 given our insights into N. American spending trends. However, we continue to have concerns that Cisco’s acquisition of Lightwire will create an overhang on Finisar shares until there’s more certainty around the potential impact."
The firm cut Q4 EPS estimates from $0.25 to $0.22, FY12 from $0.91 to $0.88 and FY13 from $1.45 to $1.25.
For an analyst ratings summary and ratings history on Finisar click here. For more ratings news on Finisar click here.
Shares of Finisar closed at $20.29 yesterday.
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