ONI Systems Gains 13.5% on Initiation
ONI Systems
(ONIS)
was up 13.5% in midafternoon after
Lehman Brothers
began coverage with a strong buy rating and a 12-month price target of $25. The optical components company last week raised its guidance and predicted it will break even on an operating basis by the end of 2001.
Meanwhile, major optical stocks continued to drift lower, with both
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JDS Uniphase
(JDSU)
and
Corning
(GLW) - Get Report
bouncing off 52-week lows.
