Piper Jaffray Raises Finisar PT From $26 To $32

Piper Jaffray touched base with a variety of contacts in the Optical sector and said that it feels incrementally more confident regarding near-term demand and longer-term growth opportunities. “We believe the favorable bandwidth drivers which consume increasingly more optical components will continue to drive growth for Finisar Corporation FNSR and others in the space,” Piper Jaffray writes. “It's becoming clear that what was once perceived to be a cyclical industry has shifted to a secular growth story, but the valuations for this sector do not represent the appropriate multiples for growth stocks.” Piper Jaffray is reiterating its Overweight rating on shares of FNSR and is raising its price target to $32. Finisar closed Friday at $25.33.