FBR Capital Lifts PT on Ciena (CIEN) to $20 on Strong Q1
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Price: $43.92 --0%
Rating Summary:
25 Buy, 5 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 6
Rating Summary:
25 Buy, 5 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 10 | Down: 7 | New: 6
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FBR Capital raised its priced target on Outperform-rated CIENA (NASDAQ: CIEN) from $18 to $20 following a "strong beat."
"There was not much to find wrong as the company handily topped consensus and our estimates on every metric," the analyst said. "While the 2Q13 guidance was below our lofty estimates, it safely bracketed consensus estimates, leaving room for another beat-and-raise performance for 2Q. Management reported orders were strong and ramping, in-process inventory growing, North American carrier capex is strengthening, and backlog remained elevated-all strong early signals that an upgrade cycle has arrived. Additionally, checks indicate business at Verizon has been ramping nicely for a quarter or two while a significant amount of Sprint's backbone upgrade remains unrecognized."
The firm adjusted 2Q13/FY13 EPS estimates to $0.07/$0.83 from $0.25/ $0.54.
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 $17.53 yesterday.
"There was not much to find wrong as the company handily topped consensus and our estimates on every metric," the analyst said. "While the 2Q13 guidance was below our lofty estimates, it safely bracketed consensus estimates, leaving room for another beat-and-raise performance for 2Q. Management reported orders were strong and ramping, in-process inventory growing, North American carrier capex is strengthening, and backlog remained elevated-all strong early signals that an upgrade cycle has arrived. Additionally, checks indicate business at Verizon has been ramping nicely for a quarter or two while a significant amount of Sprint's backbone upgrade remains unrecognized."
The firm adjusted 2Q13/FY13 EPS estimates to $0.07/$0.83 from $0.25/ $0.54.
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 $17.53 yesterday.
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