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Applied Opto: Little To Worry About in Macom’s Amazon Biz, Says Cowen

As I wrote earlier, the Street today is mulling the implications of the disappointing Q3 outlook from fiber-optics component maker Macom Technology Solutions (MTSI), which has chopped almost a quarter of the value of the company, and which is depressing numerous fiber names today.

One theme of the report was the company’s bright spot in fiber optics. As I wrote before, comments by CEO John Croteau that seemed to allude to a deal to make parts for (AMZN).

Bull and bear have debated over whether that can be a threat to fellow component maker Applied Optoelectronics (AAOI), which has at times gotten more than half its revenue from Amazon.

Rising to Applied’s defense today is Cowen & Co.’s Paul Silverstein, who has an Outperform rating on Applied stock.

For one thing...