UPDATE: Piper Jaffray Raises Target to $24 on Finisar

Piper Jaffray maintains its Overweight rating on Finisar

and raises its price target to $24 from $22 as the company may be starting to gain market share on competition. Piper Jaffray comments, "Based on conversations with industry sources, we believe Finisar is starting to benefit from share gains against some of the flood-impacted competitors. We believe the flood-impacted suppliers had roughly 2-3 months of finished goods inventory, but this has likely been depleted. For Finisar, the best share gain opportunity is from Opnext (10G module and components) and to a lesser extent, from Emcore (CATV lasers). We note that Finisar's January quarter guidance reflected little to no share gain assumptions, so we believe this additional boost to revenues will allow Finisar to report at the higher end of guidance and above Street consensus." FNSR closed at $19.87 a share on Friday.