Piper Jaffray Raises Finisar Corporation PT To $26

Finisar Corporation (NASDAQ: FNSR) reported another impressive quarter and the company's preannounced results were significantly above expectations, Piper Jaffray reports.

“The company has now reported six consecutive quarters of double-digit sequential revenue growth and operating margins have expanded well above what we previously thought possible,” Piper Jaffray writes. “Demand for optical components has continued to positively surprise and we believe the underlying trends will continue to remain strong through 2011 and beyond.”

Piper Jaffray said that it continues to recommend investors get exposure to the optical space and believe Finisar is one of the best ways to play the sector.

“We are reiterating our Overweight rating on FNSR shares and raising our price target to $26 (previously $25),” Piper Jaffray concludes.

Finisar Corporation currently trades at $17.93.