MKM Partners Raises Price Target on Ciena (CIEN) to $28; Reiterates Buy

September 2, 2016 10:51 AM EDT
Get Alerts CIEN Hot Sheet
Price: $19.55 -4.12%

Rating Summary:
    22 Buy, 9 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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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."

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 $23.17 yesterday.

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