Needham & Company Upgrades Oclaro (OCLR) to Buy

Needham & Company upgraded Oclaro (NASDAQ: OCLR) from Hold to Buy with a price target of $3.00, saying the company is turning the corner with a strong new product pipeline.

Analyst Alex Henderson commented, "For much of the last year, we have been gradually getting more positive on OCLR. Management has fixed the balance sheet, cleaned up the product line, started to rebound margins, shifted to Data Comm and managed to be first to market in the important CFP2 100G coherent module market. While we still see execution risk on the new product ramps, the strong demand growth in Optical suggests Oclaro should be able to show solid improvements and earlier than forecast return to profitability. We upgrade to Buy from Hold and set a $3 Target Price."

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

Shares of Oclaro closed at $1.87 yesterday.

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