Optical Communication Products downgraded to "neutral"

11/07/03 - Roth Capital

NEW YORK, November 7 (New Ratings) – Analyst Dave Kang of Roth Capital Partners downgrades Optical Communication Products (OCPI) from "buy" to "neutral," while raising his estimates for the company. The target price has been raised from $2.20 to $3.40.

In a research note published this morning, the analyst mentions that the company's Q4:F03 results were ahead of the estimates. The company's balance sheet continues to be robust, the analyst says. Optical Communication Products is poised to benefit from an industrial recovery in the forthcoming quarters, Roth Capital Partners adds. However, the rally in the company’s share price over the past weak, and the stock’s fair valuation warrant the downgrade in rating, the analyst believes.