Finisar stock trading at highest level since January after earnings
Shares of Finisar Corp. FNSR, +13.76% are up 10.8% in Friday’s session, and they’re currently trading at their highest levels since January. The optoelectronics company reported an earnings beat Thursday and delivered a higher-than-expected earnings outlook. Jefferies analyst George Notter wrote that he saw "positive changes from the company" on the cost-cutting front, including with plans to outsource some manufacturing and trimming smaller product lines. He remains upbeat on Finisar’s prospects and sees the company as a play on an optical-market recovery amid low expectations. Notter rates the stock a buy with a $23 price target. Piper Jaffray’s Troy Jensen also cheered the results, writing that "improving demand trends coupled with easy comps should reaccelerate revenue growth through the remainder of 2018 and into 2019." He rates the stock overweight with a target price of $26. The stock is down 5.5% over the past 12 months, while the S&P 500 SPX, +0.11% has climbed 17%.
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