UPDATE: Citi Raises PT on Finisar to $24.50

Citi is out with its report today on Finisar (NASDAQ: FNSR), lowering its PT from $24.50 to $23.

In its report, Citi writes, "We modestly increase our target price (now $24.50 vs. $23.00 prior) based on rolling forward our estimates (now utilizing Oct 12 – July 13 estimated EPS of $1.62), an updated S&P 500 market multiple (11.2x) and 15x target P/E multiple (vs. 14x prior); our target multiple is in line with current valuation, but at a discount to the historic 18.1x average and 16.2x median that FNSR shares have traded at since September 2004."

Citi maintains Buy on FNSR.

Shares of FNSR closed Wednesday at $19.48, up 5.58% from Tuesday's close.