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CIBC World Snips Finisar Estimates

CIBC World cut estimates on Finisar Corp. (FNSR).

Analyst James Jungjohann says the fiber optics firm's shortfall is primarily due to the rescheduling of existing orders by storage-area networking customers. He cut the $0.04 Q4 EPS estimate to breakeven.

Jungjohann continues to like Finisar's long-term market position with its reduced exposure to long-haul end markets and its focused approach toward the storage, telecom and datacom markets. He rates the shares a buy, and notes that he'd be an aggressive buyer near $8. He has a $23 price target.

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