Piper Jaffray Reiterates Overweight Rating On Finisar

Finisar Corporation FNSR has continued to report better than expected growth, and Piper Jaffray believes that concerns about double ordering and inventory levels are embellished and shares of Finisar are increasing in valuation. Finisar has updated the company's operating model to expect revenues in the $260-280M range, with gross margins of 36-37%, Piper Jaffray reports, implying a $0.08-0.12 incremental upgrade to EPS. Piper Jaffray reiterates its Overweight rating and $21 price target. Finisar Corporation closed yesterday at $15.41.