DA Davidson analyst Mark Kelleher raised his price target on NeoPhotonics to $6.50 following his meetings with CEO Tim Denks. Kelleher says Denks has indicated that China is showing some initial signs of renewed activity and that the vendor management inventory is seeing a rise in orders. While the signs of renewed growth are preliminary, the analyst writes in his research note, a stronger demand cycle should become more evident in the June quarter. Kelleher keeps his Neutral rating on the stock, citing the company's limited visibility and balance sheet weakness.