Finisar Shares Respond to Raymond James Upgrade
Shares of Finisar (NASDAQ: FNSR) respond to Raymond James analyst Simon Leopold's upgrade from Outperform to Strong Buy and reiterated a $29.00 price target.
Leopold reported that Finisar's datacom segment is benefiting from strong tailwinds including copper to optical migration, increasing contributions from Web 2.0, healthy datacenter capex. The analyst estimates datacom growth of a possibly conservative 14% in 2014. Raymond James added that the telecom segment may positively surprise in 2014 with growth driven by improved spending in Asia.
Finisar closed at $23.26 on Thursday and was up 3.8% in pre-market trading. Shares are currently at $24.18, up 3.96%.
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