MKM Partners Raises Price Target on Ciena (CIEN) to $28; Reiterates Buy
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MKM Partners reiterated a Buy rating on CIENA (NYSE: CIEN), and raised the price target to $28.00 (from $26.00), following the company's 3Q earnings report. MKM's bullish view is based on the strong U.S. and European 100+G Metro and DCI cycles that should drive total Metro/DCI market growth through 2020.
Analyst Michael Genovese commented, "We give Ciena's 3QFY16 report and 4QFY16 guidance a solid "B" grade. Most important, and most positive, 3QFY16 GMs came in at 46.8% or 150bps ahead of our estimate in an environment rife with investor worry about too many competitors in DCI and European Metro. We would have given the report a strong "A" grade if there were $5mn more in revenues in each quarter of 2HFY16."
Shares of CIENA closed at $23.17 yesterday.
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