E-Tek gains on analyst comments

E-Tek Dynamics Inc. (Nasdaq: ETEK) shares rallied up 7 3/8, or 8 percent, to 97 5/8 Monday after Salomon Smith Barney started coverage of the maker of fiber optic components with a "buy" rating and set a 12-month price target of $115 a share.

Analyst Lisa Bogaty said E-Tek has the number-one position in isolators and couplers and a strong position in the filter market, which has high barriers to entry.

Last quarter, E-Tek rolled past analysts' estimates by 3 cents a share, earning $6.6 million, or 17 cents a share, on sales of $60.3 million.

First Call consensus expects it to earn 17 cents a share in its second quarter and 72 cents a share in the fiscal year.

All 16 analysts tracking E-Tek shares maintain either a "buy" or "strong buy" recommendation.

Its shares fell to a 52-week low of 21 1/8 last December before rallying to a high of 101 1/4 earlier this month.