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CIBC World cut estimates on Finisar Corp. (FNSR
Analyst James Jungjohann says the fiber optics firm's shortfall is primarily due to the rescheduling of existing orders by storage-area networking customers. He cut the $0.04 Q4 EPS estimate to breakeven.
Jungjohann continues to like Finisar's long-term market position with its reduced exposure to long-haul end markets and its focused approach toward the storage, telecom and datacom markets. He rates the shares a buy, and notes that he'd be an aggressive buyer near $8. He has a $23 price target.