In a report released today, Tim Savageaux from Northland Securities maintained a Buy rating on Viavi Solutions (VIAV), with a price target of $16. The company’s shares closed yesterday at $13.25, close to its 52-week high of $13.59.
Savageaux observed:
“We continue to see the company as uniquely well positioned for high margin growth across a range of powerful wireless and optical Comms and Consumer growth trends and reiterate our OP rating and $16 PT. Key Points VIAV reported FQ3 revs of $265M, slightly ahead of our $260M est and up 21% y/y with only a portion of Cobham revs in last year’s results, driven by stronger than expected Comm Test revenues with notable strength in 5G wireless test, offset by weakness in Cable. The company noted expectations for continued 5G growth as carrier deployments continue to ramp and Fiber Optics as technologies are upgraded to higher speed line rates of 400-600+, both dynamics very much in evidence in results across the systems OEM and component ecosystems.”
According to TipRanks.com, Savageaux is a 4-star analyst with an average return of 6.7% and a 57.5% success rate. Savageaux covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, DASAN Zhone Solutions Inc, and Acacia Communications.
Currently, the analyst consensus on Viavi Solutions is a Strong Buy with an average price target of $14.92, representing a 12.6% upside. In a report issued on May 1, B.Riley FBR also maintained a Buy rating on the stock with a $14.50 price target.
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The company has a one-year high of $13.59 and a one-year low of $9.17. Currently, Viavi Solutions has an average volume of 2.25M.
Based on the recent corporate insider activity of 87 insiders, corporate insider sentiment is negative on the stock.
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Viavi Solutions, Inc. engages in the provision of network test, monitoring, and assurance solutions to communications service providers, enterprises, and their ecosystems. It operates through the following business segments: Network Enablement, Service Enablement, and Optical Security and Performance Products.
