Piper Jaffray Maintains a 'Neutral' Rating on Ciena (CIEN), Lowers Price Target and Estimates
More News related to CIEN
- XplosiveStocks.com: ATVI, INTC, MSFT, CSCO, ORCL, CIEN Hot Stocks on the Move
- Beacon Equity Issues Technical Trade Alerts on Market Movers: IDEV, ERTS, MU, PBR, CIEN, BGP
- CIENA (CIEN) Higher After Barclays Upgrade
- BenchmarkJournal.com (Complimentary) Analyst Review for IDEV, AMED, ENDP and CIEN
- Cramer Bullish On These High-Risk, High-Reward Stocks: Ciena (CIEN), Tellabs (TLAB) And Skyworks Solutions (SWKS)
More News related to Analyst Comments
- ARGUS Downgrades Smith International (SII) to Hold
- Cantor Fitzgerald Downgrades Audiocodes (AUDC) to Hold After Negative 4Q Preannouncement
- MDB Capital Downgrades Ener1 (HEV) to Sell, Suspends Earnings Model and Valuation on Stock No Longer Justified
- DA Davidson Downgrades Ambassadors Group (EPAX) to Neutral
- SunTrust Downgrades Ruby Tuesday, Inc. (RT) to Neutral
Piper Jaffray & Co. maintains a Neutral on Ciena Corporation (Nasdaq: CIEN), but lowers revenue, EPS and price target (from $14 to $6)
Piper analyst says, "During Ciena's July quarter earnings call, management communicated that the current weakness would be short-term in nature and implied roughly 2 quarters in duration. We believe market conditions have deteriorated since Ciena's last earnings call and we anticipate more delays and ongoing reductions in carrier capex spending...We believe the consensus estimates for FY 2009 are aggressive and anticipate significant downward revisions once the company reports October quarter results in mid-December. We are lowering our FY 2009 revenue estimate to $830M with a corresponding EPS of $0.26. This equates to a 10% revenue decline and operating margins of 2.2% and compares to the consensus revenue estimate of $878M and EPS of $0.67."
Ciena Corporation is a supplier of communications networking equipment, software and services that support the delivery and transport of voice, video and data services.
Related Categories
Analyst CommentsStocks Mentioned
-0.29Related Entities
Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
Analysts Serve No Purpose
Ciena Loser on Nov 19, 2008 10:24 AMSo what was their price target six months ago. Good work to come in after the fact and set a price target at the current market. What excellent insight.