Poet Technologies price target raised to $7 from $6 at Northland

Northland analyst Tim Savageaux raised the firm’s price target on Poet Technologies (POET) to $7 from $6 and keeps an Outperform rating on the shares following the company’s announcement early last week of plans for expanded optical engine capacity via contract manufacturing partners in Malaysia. Poet also announced plans to buy in the 25% of the SPX joint venture that it doesn’t own, with both moves addressing concerns the firm had previously noted around non-China supply chains, the analyst tells investors.