NEW YORK (TheStreet) -- Shares of Finisar  (FNSR) were surging 14.72% to $26.65 in pre-market trading on Friday after the company reported earnings and revenue that topped Wall Street's projections.

MKM Partners upped its rating on the stock to "buy" from "hold" and increased its price target to $35 from $21 on the stock in a note released this morning.

The firm said that Finisar is a "proven high quality producer" within the optical components and modules industry.

"The company turned in solid sequential growth in WSS/ROADM sales in the first quarter of fiscal 2017 even without Verizon (VZ) qualification," MKM noted.

"[Gross margins] are always volatile over time in the industry, but strong demand, tight supply, and Finisar's leadership in a few key product categories suggest that its GMs could be strong-to-solid for at least several more quarters to come," the firm added.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

You can view the full analysis from the report here: FNSR