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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	2/13/2017 10:30:14 AM
	of 57684

Deutchebank:Acacia Communications (ACIA): Improving Fundamentals, Forecasting Q1 Beat and Guidance Raise; Recommend Buy into the Print. We are buyers of Acacia into the next week’s print. We are calling for a modest beat and raise on the Dec Q Print and Mar Q Guide, versus a conservative consensus view. Further, we have conviction on improving fundamentals, heading into ACIA’s seasonally strong Jun and Sep Quarters. Our new round of Optical Industry channel checks, supported by solid end-market read through from peers, suggest that the Hyperscale Clouds (GOOGL, AWS, MSFT etc) are ramping their 400G Optical Interconnects. Furthermore, Metro Optical, ACIA’s China Optical business is trending better than feared. We also see positive read-throughs from peer Q4 reports. ACIA is oversold at current levels. Two plus quarters of beat and raise could get ACIA trading a a multiple consisitent with our +30% Topline CAGR view. Reiterate Buy. (Vijay Bhagavath)

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