UPDATE: Raymond James Moves to Suspended Rating on NeoPhotonics, Awaiting Updated Financials
In a report published Monday, Raymond James analyst Simon Leopold moved to a Suspended rating on NeoPhotonics (NYSE: NPTN), from Outperform, and removed the $8.50 price target.
In the report, Raymond James noted, “We are moving to a Suspended rating from an Outperform rating on shares of NeoPhotonics. The company has not filed with the SEC on a timely basis and it has disengaged with the investment community. NeoPhotonics has not filed a 10-Q for its September quarter, will soon be late filing its 10-K for 2013, and we have no clear indication of when the new auditors will complete the financial review. As such, our prior rating, price target, and estimates have been temporarily suspended pending the release of updated financials.”
NeoPhotonics Corp. closed on Friday at $8.23.
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