BMO Capital Raises price Target on Ciena (CIEN) to $27.00 Following 3Q Report
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BMO Capital reiterated an Outperform rating on CIENA (NYSE: CIEN), and raised the price target to $27.00 (from $25.00), following the company's 3Q earnings report. CIEN reported in-line revenues and margins and EPS that was better than expected. EPS of $0.42 was above consensus estimate of $0.38.
Analyst Tim Long commented, "Against a challenging telco spending backdrop, Ciena reported a solid quarter, with good non-telco demand, highlighted by strength with web-scale vendors as the overall customer base continues to diversify. Gross margins were also impressive and while the strength may not last in the near term, long-term dynamics for margin expansion are favorable. We continue to believe that Ciena is set up well for sustained revenue growth as growth in metro optical, submarine, and DCI becomes more evident heading into 2017."
Shares of CIENA closed at $23.17 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings
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