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Fly News Breaks for March 5, 2020
Mar 5, 2020 | 09:04 EDT
Shares of Infinera's dropped 17% yesterday after the company announced a $230M convertible offering, B. Riley FBR analyst Dave Kang tells investors in a research note. The analyst views the selloff as an overreaction as his "back-of-the-envelope" analysis shows the full dilution effect may not be material. Management is trying to capitalize on significant growth opportunities that lie ahead, says Kang, who recommends taking advantage of the selloff. The analyst reiterates a Buy rating on Infinera with an $11 price target.
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