Needham & Company Upgrades Infinera Corp. (INFN) to Buy

Needham & Company upgraded Infinera Corp. (NASDAQ: INFN) from Hold to Buy with a price target of $24.00 on broadening deans and a stronger competitive position.

Analyst Alex Henderson commented, "We are upgrading INFN to Buy from Hold based on the improving demand dynamics, the broadening product line, the benefits of the Transmode acquisition and our expectation of continuing Gross Margin and Operating Margin expansion. We are setting a $24 target price based on 24x EV/E on CY16 estimates. We think our estimates and the Street estimates have plenty of upside. We also believe the market is narrowing to a few Optical Systems companies that are establishing dominant market shares, with INFN rapidly becoming a core supplier."

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

Shares of Infinera Corp. closed at $19.72 yesterday.

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