Why Applied Optoelectronics Stock Soared Today
Shares of Applied Optoelectronics (NASDAQ: AAOI) have soared today, up by 18% as of 12:40 p.m. EDT, after getting an upgrade from Wall Street. Needham boosted its rating on the fiber-optic networking technology specialist from hold to buy while assigning a $15 price target.
Analyst Alex Henderson acknowledges that Applied Optoelectronics has had its fair share of challenges recently but is optimistic around "several secular drivers on the horizon" for its data center, CATV broadband, and telecommunications businesses. Those trends should allow the company to return to growth and profitability, according to Henderson.
Image source: Getty Images.
Source Fool.com
