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Citi praises Oclaro's (OCLR -6.4%) purchase of Opnext (OPXT +53.1%) for having minimal product...

Citi praises Oclaro's (OCLR -6.4%) purchase of Opnext (OPXT +53.1%) for having minimal product overlap, and reducing Oclaro's telecom industry exposure. It also thinks a target for $35M-$45M in annual cost savings is reasonable. Credit Suisse notes Opnext is being acquired at just a 0.32x enterprise value/sales multiple, and expects the deal to be a positive for optical component peers such as JDSU and FNSR. (earlier)
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