Piper Jaffray Sees Light Q1 Guidance from Finisar (FNSR), Cuts Price Target to $19

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Shares of Finisar (NASDAQ: FNSR) are down nearly 6 percent at last check Wednesday afternoon following an earlier warning from Piper Jaffray's Troy Jensen. The analyst reduced estimates and his price target on the stock as he believes the company's first-quarter guidance will "likely once again come up short of consensus."

While Jensen sees Finisar reporting inline fourth-quarter 2012 results, he reduced estimates for FY13 and FY14 EPS and sales amid "renewed caution." The analyst is modeling for carrier spending to ramp during the second half of this year, however warned the "degree of acceleration is still up for debate."

Jensen now sees Finisar shares rising to $19 over the next year, down from $22 previously. The analyst maintains an Overweight rating on Finisar shares.

Finisar is expected to report quarterly results on Wednesday, June 13th.

With the stock currently trading around $14.22, Piper Jaffray's new price target implies potential upside of about 34 percent.

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

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