UPDATE: Jefferies Upgrades Finisar

In a note issued Tuesday, Jefferies CFA James Kisner upgraded Finisar (NASDAQ: FNSR) from Hold to Buy. Kinser paired this upgrade with a raise to the price target from $24 to $30.

Kinser justified this adjustment stating, "Given our checks suggesting very strong demand trends in data center optics and a good backdrop for Telecom optical spend in Calendar Year 2014. We see potential for significant upside to our raised EPS estimates driven by these trends."

At last check, Finisar is trading up approximately 3.5 percent at $23.24.