Jefferies Raises PT on Finisar (FNSR) to $24 Following Q1 Results; Excited About New Product Commentary
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: 11 | Down: 12 | New: 13
Rating Summary:
6 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
Jefferies boosted its price target on Finisar (Nasdaq: FNSR) from $23 to $24, while maintaining a Buy rating on the stock following first-quarter earnings results.
Jefferies notes that "while ROADM/WSS module sales were disappointing, it appears that the business has finally bottomed...on the positive side, management stated that WSS/ROADM sales are expected to drive most of the organic Q/Q growth in Q2 and mplied that Huawei has placed new orders for WSS modules."
Further, Jefferies was encourage by new product commentary. The firm stated that "these numerous new product cycles, such as tunable XFP and Edge WSS modules, offer potential upside above our estimates." Finisar also had rather solid guidance, to the higher-end of Jefferies estimates.
Accordingly, Jefferies is boosting its outlook. The firm raises second-quarter 2012 earnings from 19 cents to 23 cents per share, and third-quarter from 26 cents to 29 cents per share. Fiscal 2012 earnings moved from 91 cents per share to $1.01 per share. For fiscal 2013, Jefferies upped its earnings view by 10 cents, from $1.55 to $1.65 per share.
Click here for more analyst color on Finisar, or here for a ratings history.
Finisiar is trading nearly 7 percent higher Friday morning.
Jefferies notes that "while ROADM/WSS module sales were disappointing, it appears that the business has finally bottomed...on the positive side, management stated that WSS/ROADM sales are expected to drive most of the organic Q/Q growth in Q2 and mplied that Huawei has placed new orders for WSS modules."
Further, Jefferies was encourage by new product commentary. The firm stated that "these numerous new product cycles, such as tunable XFP and Edge WSS modules, offer potential upside above our estimates." Finisar also had rather solid guidance, to the higher-end of Jefferies estimates.
Accordingly, Jefferies is boosting its outlook. The firm raises second-quarter 2012 earnings from 19 cents to 23 cents per share, and third-quarter from 26 cents to 29 cents per share. Fiscal 2012 earnings moved from 91 cents per share to $1.01 per share. For fiscal 2013, Jefferies upped its earnings view by 10 cents, from $1.55 to $1.65 per share.
Click here for more analyst color on Finisar, or here for a ratings history.
Finisiar is trading nearly 7 percent higher Friday morning.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gilead Sciences (GILD) Misses Q1 EPS by 288c
- Phillips Edison & Company (PECO) Reports In-Line Q1 EPS, provides guidance
- Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Jefferies & Co, EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!