Jefferies Adjusts Estimates on Ciena (CIEN) - PT to $29

Jefferies reiterated a Buy rating on CIENA (NYSE: CIEN), and raised the price target to $29.00 (from $27.00), following the company's 4Q earnings report. Jefferies maintained fiscal 2017 revenue estimates of $2.8 billion. EPS estimates go from $1.75 to $1.70 on slightly lower gross margin assumptions.

Analyst George Notter commented, "The results reinforced our thesis that Ciena’s North American business would rebound. Moreover, we’re seeing growth in other parts of the business supporting the view that they can be a long term, consistent grower. We continue to like the risk/reward on Ciena shares and we’re keeping our Buy rating."

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 $24.87 yesterday.

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