Friday, January 14, 2011

EXFO (NASDAQ:EXFO) Aligned with Next-Generation Network Deployment Trends, Says Canaccord

Record revenue and bookings for the first quarter of 2011 reinforced the view of Canaccord that EXFO (NASDAQ:EXFO) is aligned with next-generation network deployment trends.

Canaccord says, "EXFO reported a strong Q1/F11 with record revenue and bookings and provided a higher-than-expected outlook. EXFO’s results reinforced our view that the company is aligned with next-generation network deployment trends and is well positioned to grow all segments through share gain and market growth...Q2/F11 guidance of $70-75 million and GAAP EPS of $0.03-0.07 was far beyond our $62.2 million/$0.03 estimate and consensus at $63.6 and $0.04. We have adjusted our 2011 and 2012 estimates."

Canaccord Genuity maintains a "Buy" rating on EXFO Inc., which closed Thursday at $9.06, gaining $1.49, or 19.66 percent. Canaccord boosted their price target on EXFO from $8 to $10.

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