Goldman Sachs Removes Infinera Corp. (INFN) from CL-Buy List
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Goldman Sachs downgraded Infinera Corp. (NASDAQ: INFN) from Conviction Buy to Buy with a price target of $18.00 (from $16.00). Analyst Simona Jankowski sees less upside.
"The potential upside to our estimate and price target is now significantly less post strong stock outperformance ... We maintain our Buy rating and there is no change to our thesis, which is based on 1) share gains in the 100G optical long haul market on a strong product cycle, 2) significant exposure to Web 2.0 customers’ private network builds (e.g. Google, Facebook), 3) gross margin expansion on mix and vertical integration, and 4) significant operating leverage. Over the past several quarters, Infinera has begun to deliver on all of these items, which has driven upward estimate revisions and multiple rerating," said Jankowski.
Shares of Infinera Corp. closed at $14.32 yesterday.
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Related EntitiesGoldman Sachs Conviction Buy List, Goldman Sachs
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