NeoPhotonics stock soars after B. Riley upgade [MarketWatch]
NeoPhotonics Corporation (NPTN)
Last neophotonics corporation earnings: 4/30 04:05 pm
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Source: MarketWatch
NeoPhotonics stock soars after B. Riley upgade Shares of optoelectronics company NeoPhotonics Corp. NPTN, +9.38% were up more than 10% in Monday trading after B. Riley analyst Dave Kang upgraded the stock to buy from neutral, arguing that the uncertainty over a U.S. ban on sales to Huawei Technologies Co. has been "de-risked." Shares dropped more than 30% last week after the ban was announced. "One of the reasons for our renewed bullishness is that we believe the Huawei ban could be another leverage point for President Trump, who is set to meet with China's President Xi at the G20 Summit in late June, and as such, we believe the ban could be fairly brief," Kang wrote. "Furthermore, we believe the Huawei ban will pressure NeoPhotonics management to weigh strategic options, including the potential sale of the company." The upgrade comes as fellow optoelectronics company Lumentum Holdings Inc. LITE, -2.57% lowered its outlook as a result of the Huawei ban and as companies like Alp
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