Needham & Company Reiterates Buy on Infinera (INFN) Following a 3Q Beat and Raise
Needham & Company reiterated a Buy rating and $24.00 price target on Infinera Corp. (NASDAQ: INFN) following the company's 3Q earnings results and updated guidance. INFN is increasing CY15 revenue guidance to $885 million from $878 million, and EPS to $0.77 from $0.69. With Core Infinera growth of 26% and overall Revenues up 33%. Infinera Posted a $0.22 Quarter as compared with Street estimates of $0.17.
Analyst Alex Henderson commented, "Infinera reported a strong quarter and offered a strong guide in its first quarter with Transmode partially in the base and fully in the CY4Q guidance. Negative commentary on the Street on INFN and CIEN regarding industry price pressure has set-up a solid entry point and we expect investors will take advantage of this recent weakness. We raised our rating to a Buy post the new product launch in early October with a belief the fundamentals are strengthening and the sentiment has become overly pessimistic. We are reiterating our Buy rating and $24 Target Price on this strong print."
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Shares of Infinera Corp. closed at $18.30 yesterday.