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INFN

Infinera

$5.70

-0.135 (-2.31%)

17:27
10/11/18
10/11
17:27
10/11/18
17:27

Oaktree Optical reports 12.1% stake in Infinera

  • 17

    Oct

INFN Infinera
$5.70

-0.135 (-2.31%)

10/01/18
MKMP
10/01/18
DOWNGRADE
Target $5.5
MKMP
Sell
Infinera downgraded to Sell at MKM Partners on CenturyLink client loss
As reported earlier, MKM Partners analyst Michael Genovese downgraded Infinera (INFN) to Sell from Neutral and lowered his price target to $5.50 from $10. The analyst says that his checks suggest the company's loss of its biggest customer CenturyLink (CTL) to Ciena (CIEN) amid concerns with its ability to produce "new leading edge digital signal processors every 18-30 months". Genovese expects Infinera's upcoming guidance for Q4 and FY19 to be disappointing on revenues and margins, while his price target that assumes a valuation multiple of 0.8-times enterprise value to expected FY19 sales "reflects increasing concerns about the long-term competitiveness of the company".
10/01/18
10/01/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. OPCO CUTS CHIPOTLE TO UNDERPERFORM: Oppenheimer analyst Brian Bittner downgraded Chipotle Mexican Grill (CMG) to Underperform from Perform with a $400 price target. Since its new CEO announcement in February, Chipotle is up 82% and has been upgraded 10 different times by the Street, Bittner noted. The company's "high-flying" valuation has "priced in" persistent mid-single same-store-sales and a path to at least $20 of earnings per share versus $8-$9 this year, the analyst added. His work suggests this earnings path is too optimistic, even when assuming "healthy sales." INTEL CUT TO UNDERWEIGHT BY BARCLAYS: Barclays analyst Blayne Curtis downgraded Intel (INTC) to Underweight from Equal Weight and lowered his price target for the shares to $38 from $53. End-market tailwinds that propelled the run in shares, namely PC shortages and the slowing of server growth, are likely to reverse, Curtis believes. Further, the analyst expects Intel will see increased competition from AMD (AMD) and declining free cash flow returns. In addition, the names that have been floated in the CEO search "have yet to yield any disruptive potential candidates to take on all of these challenges," Curtis said. By squandering its manufacturing lead, the company now faces a "costly battle to retain share amidst a near-term slowing of its end markets," concluded the analyst. MKM CUTS INFINERA TO SELL: MKM Partners analyst Michael Genovese downgraded Infinera (INFN) to Sell from Neutral and lowered his price target to $5.50 from $10. The analyst said his checks suggest the company's loss of its biggest customer CenturyLink (CTL) to Ciena (CIEN) amid concerns with its ability to produce "new leading edge digital signal processors every 18-30 months". Genovese expects Infinera's upcoming guidance for Q4 and FY19 to be disappointing on revenues and margins, while his price target that assumes a valuation multiple of 0.8-times enterprise value to expected FY19 sales "reflects increasing concerns about the long-term competitiveness of the company." TEVA UPGRADED AT LEERINK, GOLDMAN: Leerink analyst Ami Fadia upgraded Teva (TEVA) to Market Perform from Underperform due to improving business fundamentals as well as the improving multiples for the overall generics sector. The analyst, who believes the company's fundamentals have improved meaningfully and put Teva in a position to pay down $3.5B in debt by YE18, raised his price target on the shares to $24 from $16. Meanwhile, Goldman Sachs analyst Jami Rubin added Teva to Goldman's Conviction List with a Buy rating, calling the recent selloff in the shares a "head scratcher." Recent concerns raised in the marketplace regarding second half of 2018 headwinds and Eli Lilly's (LLY) galcenuzemab approval were already expected and well understood, Rubin tells investors in a research note. DEUTSCHE CUTS LAM RESEARCH, APPLIED MATERIALS TO HOLD: Deutsche Bank analyst Sidney Ho downgraded Lam Research (LRCX) to Hold and lowered his price target for the shares to $170 from $230, and downgraded Applied Materials (AMAT) to Hold and lowered his price target for the shares to $43 from $58. Semicap Equipment stocks are not expensive but lack positive catalysts, Ho said. The analyst believes investor fears over that the industry has reached a cyclical peak will remain as long as the memory market stays weak. Further, he sees risk is for additional capex push-outs, especially in the first half of 2019.
10/02/18
MSCO
10/02/18
NO CHANGE
Target $9.5
MSCO
Overweight
Morgan Stanley sees opportunity in Infinera amid CenturyLink uncertainty
After a fellow analyst said that Infinera (INFN) had lost an RFP with CenturyLink (CTL) and the company rebutted that CenturyLink confirmed that a final decision has not been made, Morgan Stanley analyst Meta Marshall said she has no knowledge of the outcome beyond Infinera's assertion that the matter has not been decided. While the potential customer loss would not be a positive, Marshall noted that her base case did not assume share gains at CenturyLink, but merely that revenue could improve by CenturyLink resuming spending at the completion of its RFP process. The analyst, who sees positive potential catalysts including Coriant synergy targets being more specifically outlined at the upcoming analyst day, Infinera meeting revenue expectations in Q3 and CenturyLink potentially resolving their RFP by year end, sees an opportunity in Infinera shares at current levels and keeps an Overweight rating and $9.50 price target on the stock.
10/03/18
RSBL
10/03/18
NO CHANGE
RSBL
Neutral
Rosenblatt raises Ciena target, lowers Infinera's on expected CenturyLink shift
Rosenblatt analyst Ryan Koontz said he now expects Ciena (CIEN) to secure the lead optical supplier contract at CenturyLink (CTL) that he and many others had previously viewed as incumbent Infinera's (INFN) to lose. Koontz, who estimates the value of the contract for Ciena at $150M-$200M per year, modestly increased his 2019 revenue and earnings estimates and raised his price target to $33 from $31, though keeps a Neutral rating on the stock given the shares' recent strength. He cut his 2019 stand-alone Infinera revenue and earnings estimates and lowered his price target on the shares to $9 from $11.50, but maintains a Buy rating given the "precipitous" recent decline in the stock.

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Western Gas Partners

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0.38 (0.77%)

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Western Gas Equity

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Amgen

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WIN

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$3.37

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MDLZ

Mondelez

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S&P 500

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ORCL

Oracle

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SBLK

Star Bulk Carriers

$8.21

0.13 (1.61%)

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HOLI

Hollysys

$20.56

0.26 (1.28%)

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AKS

AK Steel

$2.98

-0.015 (-0.50%)

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LPTX

Leap Therapeutics

$1.65

(0.00%)

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