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ACIA

Acacia Communications

$25.62

-14.44 (-36.05%)

20:38
04/16/18
04/16
20:38
04/16/18
20:38

Acacia Communications price target lowered to $32 from $50 at Loop Capital

Loop Capital analyst James Kisner lowered his price target on Acacia Communications (ACIA) to $32 following the announcement from the U.S. Commerce Department of plans to impose an export ban on ZTE (ZTCOY). The analyst notes that he is removing ZTE sales from his revenue models for FY18 and FY19 but keeps his Buy rating, adding that with the stock price decline of 35% from yesterday's close, the downside is "largely priced in".

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ACIA Acacia Communications
$25.62

-14.44 (-36.05%)

04/16/18
LOOP
04/16/18
NO CHANGE
LOOP
ZTE ban 'bad news' for Acacia, Oclaro and Lumentum, says Loop Capital
Loop Capital analyst James Kisner noted that Acacia Communications (ACIA) sells CFP-DCO modules to ZTE (ZTOCY) and he calls the news that the U.S. has banned sales by U.S. companies to ZTE "uncategorically bad news for Acacia," which derived 30% of 2017 sales from the Chinese OEM. It is also bad news for Oclaro (OCLR), which got 18% of its sales from ZTE in the fiscal year ending June 2017, added Kisner, who currently still expects Lumentum's (LITE) acquisition of Oclaro to take place. However, he also acknowledges the greater uncertainty around the deal in light of this news.
04/16/18
MKMP
04/16/18
NO CHANGE
MKMP
ZTE news negative for Acacia, neutral to positive for others, says MKM Partners
MKM Partners analyst Michael Genovese notes that press is reporting that ZTE Corp. (ZTDOY) is banned from purchasing U.S. technology for seven years for violating the terms of a previously settled sanctions violation case. While all component names are trading down on the news, the analyst has a more nuanced view since Huawei and Nokia (NOK) will gain share at ZTE's expense. Genovese views the news as negative for Acacia (ACIA), which had 30% revenue exposure to ZTE in 2017 and 16% in Q4. However, he thinks the news is positive for NeoPhotonics (NPTN), which has 40% exposure to Huawei and much smaller ZTE exposure, and for Nokia, which will gain some of ZTE's share. Additionally, the analyst sees the news as neutral to positive for Lumentum (LITE), Oclaro (OCLR) and Finisar (FNSR), which have significantly more Huawei and Nokia exposure than ZTE exposure.
04/16/18
PIPR
04/16/18
DOWNGRADE
PIPR
Neutral
Acacia downgraded to Neutral from Overweight at Piper Jaffray
04/16/18
PIPR
04/16/18
DOWNGRADE
PIPR
Neutral
Acacia downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray Troy Jensen downgraded Acacia to Neutral from Overweight and lowered his price target on Acacia shares to $26 from $43. Jensen does not believe Acacia will be able to replace its lost revenues associated with the trade sanction on Chinese telecom equipment maker ZTE, and , noted that ZTE was Acacia's largest customer, representing 30% of the company's sales in 2017. The analyst also significantly lowered his FY18 and FY19 EPS and revenue estimates for Acacia, stripping out all of ZTEs contributions.

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