UPDATE: Stifel Nicolaus Reduces PT to $18 on Finisar on Competitor Pre-Announcement

Stifel Nicolaus reiterated its Buy rating on Finisar

but reduced its price target from $20 to $18. Stifel Nicolaus noted, "We are moderating our estimates for FNSR on the heels of Oclaro's negative revision to its September quarter revenue expectation and to reflect a weaker service provider capex and macro environment. We continue to view optical component industry fundamentals as having bottomed and continue to model sequential growth from June quarter levels for FNSR and industry participants, but are moderating growth expectations." Finisar closed at $13.52 on Friday.