Shares of Finisar Respond to Piper Jaffray's PT Decrease
Shares of Finisar Corp. (NASDAQ: FNSR) fall 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, Inc. (NASDAQ: CSCO) 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.
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