Finisar Corp. Stock Rating Upgraded by Jefferies Group (FNSR)
Finisar Corp. (NASDAQ:FNSR) was upgraded by Jefferies Group from an “underperform” rating to a “hold” rating in a research note issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $22.50 price objective on the stock, up from their previous price objective of $11.50. Jefferies Group’s price target indicates a potential downside of 5.34% from the company’s current price.
The analysts wrote, “We’re upgrading FNSR from Underperform to Hold driven by 2 key factors: 1) our checks suggest that Data Center spending on 10G/40G optics is likely to remain quite strong in the near- to medium-term; 2) our checks also suggest a significant commercial impact ramp of silicon photonics is likely at least 6 months away. We continue to believe silicon photonics presents significant pricing and market share risk for FNSR.”
Shares of Finisar Corp. (NASDAQ:FNSR) traded up 0.98% during mid-day trading on Tuesday, hitting $23.77. The stock had a trading volume of 3,852,356 shares. Finisar Corp. has a 52-week low of $10.95 and a 52-week high of $25.00. The stock’s 50-day moving average is $22.58 and its 200-day moving average is $17.25. The company has a market cap of $2.278 billion and a price-to-earnings ratio of 82.31.
Finisar Corp. (NASDAQ:FNSR) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.31 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.01. The company had revenue of $266.07 million for the quarter, compared to the consensus estimate of $263.15 million. During the same quarter last year, the company posted $0.12 earnings per share. Finisar Corp.’s revenue was up 20.7% compared to the same quarter last year. On average, analysts predict that Finisar Corp. will post $1.43 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Barclays Capital initiated coverage on shares of Finisar Corp. in a research note to investors on Wednesday, September 11th. They set an “overweight” rating and a $30.00 price target on the stock. Separately, analysts at Raymond James raised their price target on shares of Finisar Corp. from $24.00 to $28.00 in a research note to investors on Friday, September 6th. They now have an “outperform” rating on the stock. Finally, analysts at Piper Jaffray Cos. raised their price target on shares of Finisar Corp. from $26.00 to $32.00 in a research note to investors on Friday, September 6th. They now have an “overweight” rating on the stock. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Finisar Corp. presently has an average rating of “Buy” and a consensus target price of $25.68.
Finisar Corporation develops and provides fiber optic subsystems and network performance test systems which enable data communications over local area networks, or LANs, and storage area networks, or SANs.
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