UPDATE: Jefferies Lowers Price Target on Finisar to $18

According to Jefferies, Finisar FNSR price target is lowered to $18. Jefferies said that Finisar printed a roughly in-line Q3 but gave Q4 guidance that was below Street expectations. “We believe it's likely that the company will beat its guidance for Q4 given our insights into N. American spending trends. However, we continue to have concerns that Cisco's acquisition of Lightwire will create an overhang on Finisar shares until there's more certainty around the potential impact.” Finisar closed yesterday at $20.29.