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Fly News Breaks for March 15, 2017
NPTN
Mar 15, 2017 | 08:37 EDT
Craig-Hallum analyst Richard Shannon said delays in phase 12 awards and excess inventory are driving much lower than expected China sales, leading NeoPhotonics' Q1 guidance to be even worse than anticipated. He cut his price target on the stock to $10 from $16 and thinks shares will probably trade in a range for the near-term, but he sees low downside risk and good potential reward from these levels and keeps a Buy rating on NeoPhotonics shares.
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