UPDATE: Stifel Resumes CIENA (CIEN) at Hold
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(Updated - September 30, 2016 9:53 AM EDT)
Stifel resumed coverage on CIENA (NYSE: CIEN) with a Hold rating and a price target of $23. Analyst Patrick M. Newton thinks growth opportunities are priced in.
"Although we note reasonable valuation, growth drivers (metro, DCI, subsea), and favorable intermediate-term competitive dynamics (Infinera product cycle air pocket), we believe market growth opportunities are largely embedded in consensus expectations. Stress testing our growth/margin expectations we see limited room for estimates to materially exceed FY17 expectations, with shares requiring multiple expansion to drive upside – an unlikely scenario in our view given P/E and EV/EBITDA multiple compression over the last three, five, and 10 years. Accordingly, we resume coverage with a Hold rating and $23 target price," said Newton.
Shares of CIENA closed at $22.41 yesterday.
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