Finisar Corporation FNSR on Thursday reported its Q2 financial results for FY2016. Jerry Rawls, Finisar Corporation Chairman & CEO, said that the company's second fiscal quarter was $321.1 million, up from $314 million in the prior quarter, a quarter-to-quarter increase of just over 2 percent.
The stock was up more than 21 percent at $14.16 in Friday's session.
Finisar is expecting revenues for its third fiscal quarter to be in the range of $300 million to $320 million. Finisar also expects telecom revenues to grow again, and to continued strong demand for 10 gigabit tunable transceivers and wavelength selective switches. Growth in China is expected to remain strong.
Numerous brokerage firms have made comments on the stock. Finisar sees Q3 2016 revenue of $300-320 million, versus the consensus of $318.62 million. The company sees Q3 2016 EPS of $0.19-$0.25, versus the consensus of $0.24.
On Friday, Needham decreased their price objective on Finisar from $25.00 to $18.00 and set a Buy rating.
RBC Capital lowered Finisar from Outperform to Sector Perform. In a report released Wednesday, the firm decreased their price objective for the stock from $21.00 to $17.00.
B. Riley had re-issued a Buy rating and set a $27.00 price objective on Finisar shares.
Finisar's revenue in the three-month period ended in October rose 8 percent year-over-year to $321 million.
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