Applied Optoelectronics (AAOI) PT Lowered to $11 at DA Davidson

DA Davidson analyst Mark Kelleher lowered the price target on Applied Optoelectronics (NASDAQ: AAOI) to $11.00 (from $16.00) while maintaining a Neutral rating following the company's 1Q. AAOI posted revenues of $52.7M and EPS of $(0.27).

Management provided guidance of $50M-$55M. During the quarter AAOI had four greater than 10% customers, and reiterated that all major hyper-scale datacenter customer relationships remain intact. Looking forward, AAOI emphasized the uncertainty of the demand picture, which will remain muted in the near-term.

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