Piper Jaffray analyst Troy Jensen reiterated an Overweight rating and boosted his price target on Finisar (NASDAQ: FNSR) to $24.00 (from $20.00) following solid solid FQ4 results with revenues, margins and EPS all coming in above Street expectations, while also providing better-than-expected top and bottom line guidance.

Jensen commented, "Strong revenues were driven by ~11% Q/Q growth in Datacom, which continues to be led by robust demand for 100G transceivers. Despite a modest hiccup in the company’s telecom segment, we believe these issues will be resolved quickly and believe the 100G Datacom and Telecom cycle remains intact. We believe Finisar is on the cusp off seeing accelerating revenue growth and meaningful earnings momentum with robust China demand continuing for several quarters, as well as the Verizon Metro build-out and Datacom refresh ramping significantly over the next couple quarters."

The firm raised FY 2017 EPS from $1.26 to $1.36 and FY 2018 from $1.60 to $1.66.

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 $17.58 yesterday.