Technology Sector Update for 03/16/2017: INFN,ORCL,AVID

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Technology stocks were narrowly higher in late Thursday trade, with shares of tech companies in the S&P 500 rising just 0.1% shortly before today's closing bell.

In company news, Infinera Corp ( INFN ) advanced Thursday after analysts at Goldman Sachs raised its investment rating for the optical transport networking company to Buy from Neutral.

Goldman analyst Doug Clark also increased his price target for Infinera shares by 35% to $13.50 a share, reportedly citing the company's potential revenue growth from several upcoming product launches. Clark is particularly bullish on the company's new Clod Xpress 2 product scheduled to begin shipping before mid-year, also noting other products in the pipeline should also lead to market share gains.

INFN shares were up nearly 9% at $11.26 apiece, earlier reaching a session high of $11.51 a share.

In other sector news,

(+) ORCL, Non-GAAP Q3 EPS of $0.69 beats by $0.07 per share. Revenue climbs 2.9% to $9.27 bln, also topping the $9.25 bln consensus. Sees non-GAAP Q4 EPS between $0.78 to $0.82 vs. $0.78 per share consensus. JMP Securities upgrade to Market Perform while JP Morgan raises rating to Overweight.

(-) AVID, Postpones release of Q4 financial results and conference call to allow independent auditor to finish "routine procedures" related to its 2016 financial audit.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Technology , Commodities
Referenced Symbols: INFN , ORCL , AVID

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