Viavi price target raised to $28 from $24 at Needham

Needham raised the firm’s price target on Viavi (VIAV) to $28 from $24 and keeps a Buy rating on the shares. The company reported a solid earnings beat and raise as well as initiated a reduction-in-force aimed to achieve acquisition synergies and reduce expenses by about $30M per year, the analyst tells investors in a research note. Data Center is expected to sustain growth of about 20% forward while the balance of verticals should sustain 3%-5% growth, the firm added.