Needham & Company analyst, Alex Henderson, reiterated his Strong Buy rating on Oclaro (NASDAQ: OCLR) and noted that strong growth of 134% in 100G products for Data Comm and Telecom applications drove upside to top-line revenues, GMs, Operating Profits and EPS. ACO product is ramping smoothly and is 3 months ahead of schedule, raising year-end targets.

Strong demand continues to result in sold-out conditions through year-end CY16. OCLR, just back from China, says new Telecom systems orders to the OEMs are imminent and should drive another major round of component demand orders. The analyst is sharply increasing estimates, and believes there is still plenty of upside.

The price target goes to $8.00 from $7.50.

For an analyst ratings summary and ratings history on Oclaro click here. For more ratings news on Oclaro click here.

Shares of Oclaro closed at $5.54 yesterday.