Needham & Company Reiterates Strong Buy on Applied Optoelectronics (AAOI) Following 1Q
Needham & Company reiterated a Strong Buy rating and $40.00 price target on Applied Optoelectronics (NASDAQ: AAOI) following the company's 1Q earnings report. AOI missed on Revs by 4% and Street by 5%. GMs were in-line at 40% and OPEX was slightly lower than forecast. AOI beat on the Tax line, which helped buoy EPS to within $0.03-$0.04 of estimates.
AOI offered strong positive comments on CY2H demand growth for 100G and GMs . The company expects unit sales of 100G to more than double in 2H vs 1H as they deliver the committed orders announced in CY1Q. The 2Q guide was in-line with forecasts on both Revs and EPS.
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Shares of Applied Optoelectronics closed at $35.13 yesterday.