Piper Jaffray Reiterates Overweight on Finisar
Piper Jaffray is out with a research report on Finisar (NASDAQ: FNSR) and is reiterating its Overweight rating and $22 price target on shares.
In a note to clients, Piper Jaffray writes, "We continue to recommend Finisar as one of our favorite ways to play the optical sector and believe recent ROADM, ramping Tunable-XFP sales, improving trends at Hauwei and a better demand environment in 2012 will lead to capital appreciation in FNSR shares. The tone at our Optical Corporate Access Day was constructive with a near opinion that demand trends are starting to improve (most notably in China) but limited visibility with respect to the slope and duration of a potential recovery. We believe Finisar is a net share gainer in an improving optical demand environment and we are reiterating our Overweight rating and $22 price target on FNSR shares."
Shares of FNSR closed at $21.25 yesterday.
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