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Fly News Breaks for April 18, 2018
ZTCOY, ACIA
Apr 18, 2018 | 09:24 EDT
MKM Partners analyst Michael Genovese lowered his price target on Acacia Communications (ACIA) to $25, saying the U.S. Commerce Department ban on component supplies to China's ZTE (ZTCOY) is a "big loss" for the company. Genovese notes that ZTE represented about 30% of Acacia's sales in 2015-2017 and was about 16% of sales in the most recent quarter. The analyst keeps his Neutral rating on Acacia Communications, expecting it to focus "much more intently" on its Hyper Scale DCI opportunities, while also lowering his Q2 EPS view to 7c from 14c.
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