MKM Partners Raises Price Target on Ciena (CIEN) Ahead of 2Q Results

MKM Partners maintains a Buy rating on CIENA (NYSE: CIEN), and raised the price target to $27.00 (from $25.00), following a positive pre-announcement. Analyst
Michael Genovese says demand for 100G Optical capacity is strong and broad-based. CIEN is scheduled to report 2Q results on June 4th.

Genovese commented on CIEN, saying, "We are raising our estimates and increasing our price target to $27 (from $25) following the May 4 positive pre-announcement and before the full earnings report on June 4. We are positive on CIEN because demand for 100G Optical capacity is strong and broad-based across Internet, Cable and Tier 2 carrier customers. Ciena is also seeing good growth in Europe from better distribution. Overall revenue growth should accelerate in FY16 as U.S. Tier 1 demand improves. We also expect OMs to expand in FY15-FY16 to normalized low-double-digit levels."

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 $22.91 yesterday.

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