Oclaro (OCLR) PT Raised to $15 at Piper Jaffray

Piper Jaffray raised its price target on Oclaro (NASDAQ: OCLR) to $15.00 (from $13.00) while maintaining a Overweight rating.

Analyst Troy Jensen commented, "Oclaro reported FQ2 results in-line with the company’s positive preannouncement, and provided upbeat FQ3 guidance, with revenues, gross margin and operating income all coming in ahead of consensus expectations. Following these strong results, we believe Oclaro remains one of the best positioned optical companies to see this momentum continue throughout 2017, and believe sustained strength in China and ramping US Metro and Datacom orders represent three meaningful catalysts over the next several quarters. While we took our estimates higher, we believe upside still exists to this forecast due to OCLR's CFP2-ACO leadership, as well as management’s history of providing conservative guidance. Given our positive 12 month outlook, we are reiterating our Overweight rating and increasing our price target from $13 to $15."

The firm raised FY 2017 EPS from $0.52 to $0.77 and FY 2018 EPS from $0.64 to $0.85.

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