Rosenblatt Upgrades NeoPhotonics (NPTN) to Buy, 'ZR Opportunities Coming into Focus'
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Rosenblatt analyst Ryan Koontz upgraded NeoPhotonics (NYSE: NPTN) from Neutral to Buy with a price target of $16.00.
The analyst comments "NPTN appears uniquely well-positioned to benefit from the upcoming transition from embedded coherent optics to pluggables. With difficult y/y comps approaching its September anniversary of Huawei export restrictions, we anticipate strong growth in non-Huawei and 400G+ revenues capable of returning the company to break-even in 4Q21. Strong hyperscale demand for new 400ZR pluggable modules appears likely to drive modest shipments in 2H21 with high volume ramping in 1Q22. We are confident NPTN should benefit from optical component sales to many ZR module manufacturers and see upside opportunity for NPTN to secure secondary share of ZR modules to hyperscale customers in 2H21. We see limited competitive threats to the company's position."
Shares of NeoPhotonics closed at $13.12 yesterday.
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