MKM Reiterates Buy on Finisar (FNSR) as Telecom Rebounds
Yesterday, Finisar Corp (Nasdaq: FNSR) reported Q2 earnings and revenue that was a touch ahead of estimates. It also reported slightly light Q3 guidance.
Commenting on results, analyst Michael Genovese with MKM Partners said "We more strongly reiterate our Buy rating on FNSR as Telecom continues to rebound and Datacom likely stays solid."
"We were somewhat cautious going into 2QFY13 because we thought double digit sequential Telecom growth was still two quarters away. In fact, Finisar's lead times remain fairly short, business continues to shift to VMI hubbing arrangements and visibility still only extends one quarter out," added Genovese.
For an analyst ratings summary and ratings history on Finisar click here. For more ratings news on Finisar click here.
Shares of Finisar closed at $13.35 yesterday, with a 52 week range of $10.95-$23.50.
Commenting on results, analyst Michael Genovese with MKM Partners said "We more strongly reiterate our Buy rating on FNSR as Telecom continues to rebound and Datacom likely stays solid."
"We were somewhat cautious going into 2QFY13 because we thought double digit sequential Telecom growth was still two quarters away. In fact, Finisar's lead times remain fairly short, business continues to shift to VMI hubbing arrangements and visibility still only extends one quarter out," added Genovese.
MKM Partners reiterated a Buy rating on Finisar (NASDAQ: FNSR) and raised its price target to $16.00 (from $15.00).
For an analyst ratings summary and ratings history on Finisar click here. For more ratings news on Finisar click here.
Shares of Finisar closed at $13.35 yesterday, with a 52 week range of $10.95-$23.50.