No More Negative Surprises From Oclaro

Citigroup has published a research report on Oclaro Inc. (NASDAQ: OCLR) and maintains its Buy rating while believing that no more negative surprises will come from Oclaro in the coming quarters.

In the report, Citigroup writes "Despite extremely disappointing results & guidance that sent shares tumbling 37%, we're maintaining our Buy/Spec. rating. Our target price is now $12. We expect the incremental change in OCLR fundamentals from here will likely be positive, underpinned by two simple views: it's a pause in the cycle, not a collapse; & no more (negative) surprises from OCLR."

Oclaro closed yesterday at $8.60.