 Applied Optoelectronics Incs NASDAQ: AAOI business is stable at its two key customers, which contribute around 60 of overall revenue, according to Rosenblatt Securities. Yet the companys revenue growth potential from new wins appears limited in the near term, an analyst at the firm said after the companys first-quarter report. The Applied Optoelectronics Analyst Ryan Koontz downgraded the rating for Applied Optoelectronics from Buy to Neutral and lowered the price target from 11.50 to 10.The Applied Optoelectronics Thesis There is uncertainty around new wins for Applied Optoelectronics in 200G and 400G transceiver portfolios, Koontz said in a Thursday downgrade note. See his track record here.The company reported a 23.2 year-on-year decline in its first-quarter revenue to 40.5 million, missing the consensus estimate. Earnings also declined in the quarter to 44 cents per share, missing the consensus estimates by 7 cents per share.Applied Optoelectronics said that revenue of 3.8 million had been pushed out of the first quarter and into the second and issued its revenue guidance at 57.5 million, ahead of the consensus estimate. The earnings guidance of a 24-cent-per-share loss missed expectations.View more earnings on AAOIRosenblatt reduced the earnings estimates for fiscal 2020 and 2021 from a 48-cent-per-share loss to negative 1.09 and from positive 30 cents per share to negative 44 cents per share, respectively. AAOI Price Action Shares of Applied Optoelectronics were down 12.38 at 10.69 at the time of publication Friday. Related Links:25 Technology Stocks Moving In Fridays Pre-Market SessionStocks That Hit 52-Week Lows On ThursdayLatest Ratings for AAOI DateFirmActionFromTo May 2020B. Riley FBRMaintainsNeutral May 2020RosenblattDowngradesBuyNeutral Feb 2020RosenblattMaintainsBuy View More Analyst Ratings for AAOI View the Latest Analyst Ratings See more from Benzinga Mobile Game Developer Zynga Has Growing Market Opportunity, UBS Says After Q1 Report Wells Fargo Downgrades Shopify, Says Strong Growth Largely Priced In American Eagle Analyst Upgrades Retailer After It Shows Huge Signal Of StrengthC 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 