B. Riley upgraded Applied Optoelectronics (AAOI) to Neutral from Sell with an unchanged price target of $13. The firm cites valuation for the upgrade with the shares down 56% year-to-date. Riley says its concerns haven’t changed, just that some of them are now factored into the stock. Applied Optoelectronics now trades at two-times revenue, “which isn’t excessively expensive,” the analyst tells investors in a research note.
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