Piper Jaffray analyst Troy Jensen views Oclaro's December quarter results as "solid" but notes the March quarter guidance missed expectations. The analyst believes revenues will bottom this quarter and return to growth for the remainder of the year due to growth in ACOs, 400G design wins, 25G lasers and new DCO product introductions. Jensen continues to think Oclaro is one of the better assets in the optical component space. He sees limited downside from current share levels and reiterates an Overweight rating on the name. The analyst trimmed his price target for the shares to $8 from $9.