Shares of Finisar (NASDAQ: FNSR - News), the maker of components used to connect communications networks, are soaring 9% after Citigroup upgraded the stock to "buy" from "hold," citing valuation and the likelihood of positive earnings revisions going forward. Citi also raised its price target on the shares to $24 from $16.50, well above where the stock currently trades.
Investors like the news as the Optical Networking Stocks Index is higher by 2.2%. The good news for California-based Finisar is a departure from the woes that have plagued the stock in recent months. The shares are down 21% in the past three months and 35% in the past six.
Earlier this month, Jefferies initiated coverage of Finisar with a "buy" rating and $23 price target. Looking at other Index members, JDS Uniphase (NASDAQ: JDSU - News) is next in line with a 3% gain. EXFO Inc (NASDAQ: EXFO - News), NeoPhotonics (NYSE: NPTN - News) and Oplink Communications (NASDAQ: OPLK - News) are all up 1% while Corning (NYSE: GLW - News) is flat on the day. Oclaro Inc (NASDAQ: OCLR - News) is higher by half a percent.
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