Oplink Communications Announces New Stock Repurchase Program (OPLK)
Oplink Communications Inc. (NASDAQ: OPLK) has announced that its board of directors has approved a new $40 million stock repurchase program. The company also reported that its earlier $20 million stock repurchase program is ‘mostly completed’. According to Morgan Keegan, Oplink (OPLK) is likely to repurchase $16.5 million or 1 million of its 22 million diluted shares during the quarter. Accordingly, EPS estimates for CY10 have been raised from $0.91 to $0.94. EPS estimates for CY11 have also been changed from $1.00 to $1.05.
Oplink has maintained its ‘market perform’ rating at Morgan Keegan. The stock is currently trading at a P/E of 14x/13x of expected CY10/CY11 EPS.
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