Citi reiterates a 'Buy' rating on Oclaro Inc. (Nasdaq: OCLR), raises PT from $16.50 to $18.50.
Citi analyst says, "Our already significantly above consensus estimates edge higher & we believe consensus estimates likely maintain positive revision trend.... Mgt reiterated 35% June 11 GM% target – we see potential for beating that goal w/continued revenue growth & easing ASP capacity constraints. OCLR remains cheap & under-owned vs. leading optical peers but unlikely to stay that way for much longer given growth, margin improvement profile & EPS acceleration."
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