CIENA (CIEN) PT Raised to $61 at Raymond James Ahead of Earnings on 6/4
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Raymond James analyst Simon Leopold raised the price target on CIENA (NYSE: CIEN) to $61.00 (from $51.00) ahead of announcing April quarter results before the open on June 4th. The analyst sees this quarter as a balance between strong demand, enough to meet expectations, offset by supply chain constraints. RayJay is 2c ahead of the Street consensus of $0.49.
The analyst maintained an Outperform rating, stating "Investors will focus on COVID-19 related headwinds, potential deviations from its FY20 guidance, Ciena's product roadmap and competitive dynamics. We envision supply shortages as Ciena's largest headwind; checks suggest demand remains healthy. From a vertical perspective, we like Service Providers (+60% of sales) and Web Scale (+20% of sales), and remain more cautious on Cable MSOs (~7%) and Enterprise (~8%). Regionally, China sounds good but is out of reach to Ciena".
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