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More top-performing CAPS members are feeling bullish on Harmonic (NASDAQ:HLIT) these days -- enough, in fact, to upgrade it from the four-star rank it has held for most of the past year to five stars. A total 250 members have given their opinion on Harmonic, with many of them offering analysis and commentary explaining the recent optimism.

Competing with companies like Cisco Systems (NASDAQ:CSCO) and Motorola (NYSE:MOT), Harmonic makes a large portion of its revenue from HDTV and video-on-demand products sold to cable customers like Comcast (NASDAQ:CMCSA). Even though companies like Verizon (NYSE:VZ) and AT&T (NYSE:T) are making solid progress in their video services, Harmonic fell short of analysts' first-quarter estimates as customers dialed back spending. The stock sustained a huge blow on the news, but Harmonic said it's seeing signs of improving customer spending, with orders picking up in the last couple of months. Management is also encouraged by larger trends such as Disney's (NYSE:DIS) entry into online video with a big stake in Hulu.

Harmonic's recent acquisition of Scopus is expected to provide growth opportunities in video distribution for broadcasters like the BBC and Disney and help to expand its international presence. It's also working with Microsoft in finding more efficient ways to handle online video content, which holds potential opportunity in another fast-growing segment. Backed by a strong balance sheet with cash and short term investments of $262 million, many CAPS members are bullish on the company's position, including its capability to pursue further acquisitions if warranted.

To see what the very best CAPS analysts are saying now about Harmonic -- as well as other winning stocks they are picking -- head on over to CAPS and have a look. The community research and resources in CAPS are totally free, unlike analyst opinions reserved for paying clients.

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Fool contributor Dave Mock recently upgraded his clip-on tie collection with a sporty pinstriped bowtie. He owns shares of Motorola. Disney is both a Stock Advisor and an Inside Value recommendation. The Fool's disclosure policy always saves the best news for last.