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Fly News Breaks for February 22, 2019
Feb 22, 2019 | 07:51 EDT
As previously reported, DA Davidson analyst Mark Kelleher downgraded Applied Optoelectronics to Neutral and lowered his price target to $16 from $42 after its worse than expected Q1 guidance, citing the company's "muted visibility" toward revenue growth and rising inventory levels at data center customers. The analyst notes that while the issue around 25G lasers had been resolved, capacity has been constrained further by the company's addition of testing steps to screen existing inventory. Kelleher adds that the inventory congestion in the data center market and poor visibility in China are "significant issues" that will take "at least a couple quarters to resolve".
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