As previously reported, MKM Partners analyst Michael Genovese upgraded NeoPhotonics to Buy from Neutral and raised his price target to $7 from $5 after its Q2 earnings beat and above consensus outlook for Q3. The analyst notes that the company has determined that most of the products it ships to Huawei are not subject to the Entity List restrictions, with good demand being seen for its 100G/200G products. Genovese further cites the 28% sequential increase in sales to the company's next four largest customers after Huawei, stating that demand trends are strong across Telecom and DCI applications.