UPDATE: BMO Capital Markets Cuts PT to $7 on EXFO Post FQ3 Miss

BMO Capital Markets reiterates its Outperform rating on EXFO EXFO and cuts its price target from $9.50 to $7. BMO Capital Markets notes, "EXFO preannounced disappointing Q3/12 results. Revenues are expected to be roughly $60 million (-11% y/y; -10% q/q) as compared to prior guidance of $68–73 million and the consensus of $70.2 million. Management noted that Europe and China were weaker than expected, and that an anticipated pick up in the Americas failed to materialize. Management sees “a growing funnel of serious opportunities” but noted that these are taking longer to close. Full results will be out on June 28." EXFO closed at $5.45 on Friday.