After Upgrade, Finisar Leads Optical Networking Stocks Higher (FNSR, JDSU, EXFO, NPTN, OPLK, GLW, OCLR)
Shares of Finisar (FNSR), the maker of components used to connect communications networks, are soaring 9% after Citigroup upgraded the stock to “buy” from “hold,” citing valuation and the likelihood of positive earnings revisions going forward. Citi also raised its price target on the shares to $24 from $16.50, well above where the stock currently trades.
Investors like the news as the Optical Networking Stocks Index is higher by 2.2%. The good news for California-based Finisar is a departure from the woes that have plagued the stock in recent months. The shares are down 21% in the past three months and 35% in the past six.
Earlier this month, Jefferies initiated coverage of Finisar with a “buy” rating and $23 price target. Looking at other Index members, JDS Uniphase (JDSU) is next in line with a 3% gain. EXFO Inc (EXFO), NeoPhotonics (NPTN) and Oplink Communications (OPLK) are all up 1% while Corning (GLW) is flat on the day. Oclaro Inc (OCLR) is higher by half a percent.
Investors can track the Optical Networking Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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