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Finisar (FNSR) PT Raised to $20 at Piper Jaffray

March 11, 2016 7:25 AM EST
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: 6 | Down: 3 | New: 1
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Piper Jaffray analyst Troy Jensen reiterated an Overweight rating and raised his price target on Finisar (NASDAQ: FNSR) to $20.00 (from $17.00) following solid FQ3 results with EPS coming in above Street expectations and the company guided FQ4 revenue and EPS ahead of consensus estimates.

"The upbeat FQ3 results and forward guidance were driven by robust demand for 100G Telco and Datacom optics," Jensen said. "We believe telco strength continues with demand from China driving near-term upside and U.S. metro deployments will act as a tailwind in the back half of 2016."

He added, "We also believe Finisar is one of the first to materially benefit from the 100G Datacom cycle, and expect QSFP28 to grow meaningfully for the next several quarters. We are expecting the real QSFP28 inflection to begin in 2H16, and believe this accelerated demand will be reflected in the July quarter guide. With both 100G cycles beginning to inflect, we see further upward model revision likely as the true power of the optical cycle is intact."

The firm raised FY 2016 EPS from $0.92 to $.97 and FY 2017 EPS from $1.16 to $1.26.

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 $14.18 yesterday.



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Analyst Comments, Analyst EPS Change, Analyst PT Change

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Piper Jaffray, Troy Jensen