Viavi price target raised to $17 from $12 at Northland

Northland analyst Tim Savageaux raised the firm’s price target on Viavi to $17 from $12 and keeps an Outperform rating on the shares after the company announced an agreement to acquire Spirent Communications in a deal that values Spirent at $1.28B based on the British pound sterling to U.S. dollar exchange rate on March 4. The deal to buy the IP/Ethernet and 5G test competitor “looks like another Cobham,” with the prospect of driving run rate EPS above the $1.00 level, the analyst tells investors.