Northland Upgrades CIENA (CIEN) to Outperform
Northland analyst Tim Savageaux upgraded CIENA (NYSE: CIEN) from Market Perform to Outperform with a price target of $75.00.
The analyst comments "e noted expectations for a positive report from CIEN given clear improvements on the Service Provider side, along with some uncertainty in Cloud given lumpiness/concentration, and that's what we saw in CIENs upside FQ125 report. SP revs increased 14% y/y offsetting a slight decline in Cloud, and this more balanced growth outlook along with indications of very strong FQ1 orders in Cloud and in general lead us to upgrade our rating on CIEN shares from MP to OP and increase our PT to $75.00."
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Shares of CIENA closed at $63.95 yesterday.