Oclaro Downgraded by B. Riley to “Neutral” (OCLR)
Oclaro (NASDAQ:OCLR) was downgraded by equities researchers at B. Riley from a “buy” rating to a “neutral” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $3.10 target price on the stock. B. Riley’s price objective would indicate a potential upside of 8.77% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Oclaro (NASDAQ:OCLR) opened at 2.85 on Friday. Oclaro has a 52-week low of $0.88 and a 52-week high of $3.57. The stock has a 50-day moving average of $3.12 and a 200-day moving average of $2.62. The company’s market cap is $303.7 million.
Oclaro (NASDAQ:OCLR) last announced its earnings results on Tuesday, February 4th. The company reported ($0.29) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.27) by $0.02. The company had revenue of $102.90 million for the quarter, compared to the consensus estimate of $98.03 million. During the same quarter last year, the company posted ($0.28) earnings per share. Oclaro’s revenue was down 8.2% compared to the same quarter last year. On average, analysts predict that Oclaro will post $-0.87 earnings per share for the current fiscal year.
Oclaro, Inc, is a provider of optical communications and laser components, modules and subsystems for a range of markets, including telecommunications (NASDAQ:OCLR), industrial, scientific, consumer electronics and medical.
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