Raymond James lowered the firm’s price target on Applied Optoelectronics (AAOI) to $20 from $31 to reflect the valuation compression across the industry, while keeping an Outperform rating on the shares. The firm also updated its estimates for Applied Optoelectronics to account for more dilution from its at-the-market share issuance program given the lower share price, though this is offset by slightly better datacenter transceiver gross margin in 2026.
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