Despite Weak Numbers, Ciena Corp. (CIEN) Stock Holds Ground, Concerns Remain
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Price: $43.65 -0.27%
Rating Summary:
25 Buy, 5 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 16
Rating Summary:
25 Buy, 5 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 16
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Yesterday morning, Ciena Corp. (NASDAQ: CIEN) missed estimates for Q4 and guided Q1 below Street estimates. The stock was also downgraded to Underweight by Barclays. Despite this, the stock is holding up fairly well.
"Numbers are down, but the stock is holding up as investors clamor for exposure to better 2013 Service Provider capex," said analyst Michael Genovese of MKM partners.
"We agree with prevailing sentiment that service provider capex is much more promising going into 2013 than it has been the past two years, and CIEN is one of the few pure-play vehicles to gain exposure," continued Genovese. "However, we remain concerned that we have not seen the last of the revenue and margin lumpiness that has chronically plagued the company."
MKM Partners has a Buy rating on CIENA (NASDAQ: CIEN) with a price target of $18.00.
For an analyst ratings summary and ratings history on CIENA click here. For more ratings news on CIENA click here.
Shares of CIENA closed at $15.80 yesterday.
"Numbers are down, but the stock is holding up as investors clamor for exposure to better 2013 Service Provider capex," said analyst Michael Genovese of MKM partners.
"We agree with prevailing sentiment that service provider capex is much more promising going into 2013 than it has been the past two years, and CIEN is one of the few pure-play vehicles to gain exposure," continued Genovese. "However, we remain concerned that we have not seen the last of the revenue and margin lumpiness that has chronically plagued the company."
MKM Partners has a Buy rating on CIENA (NASDAQ: CIEN) with a price target of $18.00.
For an analyst ratings summary and ratings history on CIENA click here. For more ratings news on CIENA click here.
Shares of CIENA closed at $15.80 yesterday.
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