Stifel Reiterates Buy Rating on CIENA (CIEN)
Stifel analyst Ruben Roy reiterated a Buy rating and $68.00 price target on CIENA (NYSE: CIEN).
The analyst comments "CIEN reported F3Q results ahead of expectations on continued CSP momentum, coupled with improving spending dynamics at North American telco SPs, offset by continued telco SP softness in other geographies, particularly Europe. F4Q guidance, at the midpoint, implies F2024 revenue of roughly $4bn, inline with previous expectations. CIEN has viewed F2024 as a transition year and as orders continue to improve, we expect momentum to accelerate in F2025. Importantly, CSP engagements are ramping as well, and we expect incremental revenue streams to being in earnest next year. CIEN has maintained its longer-term CAGR estimate of 6%-8%, which implies above market growth. We continue to believe that incremental CSP opportunities could drive upside to the company’s growth target. Reiterate Buy, $62 Target Price."
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Shares of CIENA closed at $55.35 yesterday.