Deutsche Bank Upgrades CIENA (CIEN) to Buy
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Deutsche Bank upgraded CIENA (NYSE: CIEN) from Hold to Buy with a price target of $27.
Analyst Vijay Bhagavath discussed his bullish thesis in a research note, stating, "Basis for our change in thesis is our primary research, backed by proprietary Scenario Analysis, suggesting solid order trends for CIEN in 100G+ Optical at Hyperscale Clouds (e.g. GOOGL, FB, etc) for Datacenter Interconnects and Sub-sea, and expanding opportunities in Metro at US Carriers (e.g. T, VZ, CTL, CMCSA, etc) and in India Infra, etc. CIEN is attractive at ~11x DB FY18E. Our $27 PT is a modest ~13x DB FY18E on P/E and EV/FCFE. Tactically, we call for an inline to slightly positive Q4/16 report versus consensus (CIEN Q4 EPS likely early Dec)."
Shares of CIENA closed at $21.74 yesterday.
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