Investment analysts at Citigroup (NYSE: C) upped their target price on shares of Ciena Corp. (NASDAQ: CIEN) to $19.00 in a note issued to investors on Friday.
The analysts wrote, “While near-term outlook likely drags consensus estimates lower, we think the bull case for CIEN is still intact, underpinned by three points: 1) CIEN is share gainer in transport due to early positioning in 100G; 2) Upcoming optical switch cycle likely larger than expected, w/highly accretive margin impact; 3) Mgt wholly committed to op-ex control & margin leverage. CIEN’s +6%/+15% seq’l/annual growth in optical is solid-proof point of share gains relative market growth ex-CIEN of -25% & -12%, respectively. 5430 customer wins continue, now at ~50% of CoreDirector base in only a few quarters.”
Shares of Ciena Corp. traded down 3.39% during mid-day trading on Friday, hitting $13.09. Ciena Corp. has a 52 week low of $9.89 and a 52 week high of $28.78. The company’s market cap is $1.291 billion.
Ciena Corp. last announced its earnings results on Thursday, May 31st. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.07. The company’s revenue for the quarter was up 14.3% on a year-over-year basis. On average, analysts predict that Ciena Corp. will post $0.18 earnings per share next quarter.
Other equities research analysts have also recently issued reports about the stock. Analysts at Northland Securities cut their price target on shares of Ciena Corp. from $20.00 to $18.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Nomura (NYSE: NMR) reiterated a “buy” rating on shares of Ciena Corp. in a research note to investors on Wednesday. Finally, analysts at Needham & Company initiated coverage on shares of Ciena Corp. in a research note to investors on Wednesday. They set a “buy” rating and a $16.00 price target on the stock.
Ciena Corporation (Ciena) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.
