UPDATE: Jefferies & Company Downgrades Finisar Corporation to Underperform, Lowers PT

In a report published Friday, Jefferies & Company downgraded its rating on Finisar Corporation

from Hold to Underperform, and lowered its price target from $14.00 to $7.50. Jefferies noted, “Our checks and a recent public announcement from Intel suggest that the ultimate commercialization of highly deflationary silicon photonics technology in the data center is likely no longer in doubt – bad news for manufacturers of ‘traditional' MSA-based, manually assembled optical transceivers for data centers such as Finisar. We're downgrading Finisar shares from Hold to Underperform.” Finisar Corporation closed on Thursday at $15.58.