AAOI stock hits 8-year highs on B Riley upgrade, earnings beat

Applied Optoelectronics (AAOI) shares surged 20% pre-market, hitting 8-year highs after beating Q4 revenue estimates. B Riley upgraded the stock to 'Neutral', raising its price target to $54 on 800G product optimism. The company also announced a $250 million equity distribution agreement to fund future growth.