© Reuters. Needham lowers Applied Optoelectronics price target; shares -19.5%
- Needham lowers its Applied Optoelectronics (NASDAQ:AAOI) price target from $115 to $75 following the Q3 preliminary results.
- Needham notes that revenue was 20% below consensus estimates and Applied Optoelectronics’ top account dropped 80% to account for just 10% of total sales.
- The firm says Applied seems to have broadened its customer base and increased 100G sales. Operating expense cuts offset some damage.
- Craig Hallum also weighs in on the Q3 results with a downgrade from Buy to Hold.
- Applied Optoelectronics shares are down 19.46%.
- Previously: Applied Optoelectronics releases downbeat preliminary Q3 results (updated) (Oct. 12)
- Now read: Applied Optoelectronics: Just A Bump In The Road