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Fly News Breaks for January 22, 2020
Jan 22, 2020 | 08:55 EDT
MKM Partners analyst Michael Genovese raised his price target on NeoPhotonics to $10.50 and kept his Buy rating ahead of its Q4 results, saying his channel checks suggest that the company saw strong demand from its top customers and delivered sequentially higher margins. The analyst also believes that demand in Q1 should be stronger than normal seasonality while also outperforming in the first half of 2020 against a cautious set of commentary from the management during last quarter's earnings call. Genovese further contends that NeoPhotonics' strong revenue picture is primarily driven by real end market demand, with any small inventory build likely to be sustainable for some time.
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