Shares of Finisar Respond to Piper Jaffray's PT Decrease
Shares of Finisar (NASDAQ: FNSR) fell as much as 5.64% after Piper Jaffray analyst Troy Jensen lowered the price target from $34.00 to $30.00.
Jensen noted that he is "increasingly cautious" heading into Finisar's earnings after their customer, Cisco Systems, reported "sharp declines" in switching and routing revenue. Cisco represented over 10% of Finisar's revenue in the full-year 2013.
The analyst remains optimistic on Finisar shares in the long-term. Piper Jaffray noted that this quarter should be viewed as a "short-lived speed bump".
Finisar reports third quarter earnings in March 6, 2014, following the market close. According to the Benzinga Pro Calender, the overall analyst estimate for EPS and Revenue is $0.44 and $298.95 million, respectively.
Piper Jaffray holds an Overweight rating on Finisar.
Shares of Finisar closed at $25.54 on Friday. Finisar is currently trading down 4.89% at $23.34.
Latest Ratings for FNSR
Date | Firm | Action | From | To |
---|---|---|---|---|
Sep 2019 | MKM Partners | Maintains | Neutral | |
Dec 2018 | Jefferies | Downgrades | Buy | Hold |
Dec 2018 | MKM Partners | Downgrades | Buy | Neutral |
View More Analyst Ratings for FNSR
View the Latest Analyst Ratings
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Posted-In: Piper Jaffray Troy JensenAnalyst Color Price Target Analyst Ratings