Raymond James raises estimates on 3 data center parts makers

[Pelican Press 0]

Raymond James raises estimates on 3 data center parts makers

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, should become the top vendor by market share by the second quarter of 2024, Rosenblatt said in a Tuesday note, adding that Coherent has “the most complete portfolio of lasers and modules and is executing the best at this time.” Rosenblatt’s $76 price target on the stock implies roughly 31% potential upside. Applied Optoelectronics, which designs and manufactures fiber-optic networking products primarily for high-speed datacom transceivers and cable television amplifiers, has lost 28.9% year to date. However, it’s up a whopping 475% over the past year. That’s partly due to its supply agreement with

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, which it entered into in June 2023. The company “has secured a great reference win with

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, but we see risk from the balance of its data center and cable TV business,” Leopold said. The Texas-based company popped more than 9% this week after it entered a $25 million equity distribution agreement with Raymond James. Rosenblatt had also maintained its buy rating and $20 price target on Applied Optoelectronics in its Tuesday note, saying the company “should be valued above the average of industry multiples.” The stock closed at $13.60 on Tuesday, suggesting shares could jump another 47%. Raymond James also said it likes Lumentum , which sells optical and photonic products, especially after the company’s re-entry into the data center market with its $750 million acquisition of optical modules maker Cloud Light in November. The stock is down 11.3% this year and just over 9% over the past 12 months. Analysts polled by FactSet think the company can make a recovery, however, forecasting 19.5% potential upside.

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Investment strategy,Stock markets,Coherent Corp,Lumentum Holdings Inc,Applied Optoelectronics Inc,

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Corp,Lumen Technologies Inc,business news
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