UPDATE: Stifel Nicolaus Cuts Target to $22 on Finisar Corporation

Stifel Nicolaus lowers its price target on Buy-rated Finisar Corporation

to $24 from $27 in lieu of upcoming catalysts for the company. Stifel Nicolaus says, "Finisar reported generally in-line results, with a slight revenue miss and $0.01 pro forma EPS beat, but provided weaker than expected guidance with the high end of both the revenue outlook and pro forma EPS range missing consensus expectations. Weaker guide a result of a continued macro uncertainty and lack of material change in carrier capex year to date, with gross margin guided to decline by 80bps q/q as the impact of annual telecom pricing negotiations take effect for the full quarter." FNSR closed at $20.29 a share on Wednesday.