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Needham & Company Raises Estimates on Ciena (CIEN) Following 2Q; Reiterates Buy

June 3, 2016 6:46 AM EDT
Get Alerts CIEN Hot Sheet
Price: $49.45 -2.06%

Rating Summary:
    25 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company maintained a Buy rating and $30.00 price target on CIENA (NYSE: CIEN) following the company's 2Q earnings report. 2016 revenue estimates were raised to $2.664B from $2.650B, while 2017 revenues were maintained at $2.9B. Full year EPS was raised to $1.45 from $1.36.

Analyst Alex Henderson commented, "Ciena noted “significantly stronger orders than revenues across all verticals and geographies” and stated that “demand conditions have improved, particularly in Packet Optical, Metro, CALA, and APAC.” In addition, CCIEN noted, “the issues in EMEA that had hurt our outlook previously are abating and we are seeing solid improvement in that region.” The Street had seemed nervous going into the quarter given the weak Service Provider results at a number of Networking companies and the past caution from Ciena. The results came in better than expected and better than modeled. Ciena also noted they have more confidence in their full-year outlook, though they stopped short of altering full-year guidance."

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 $20.03 yesterday.



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