Stifel analyst Ruben Roy raised the price target on CIENA (NYSE: CIEN) to $615.00 (from $585.00) while maintaining a Buy rating.

The analyst commented, " Following up to our May 4th Optical Segment Preview, we expect CIEN's F2Q26 results to extend the F1Q26 beat-raise motif. F1Q saw backlog stepping up ~$2bn sequentially to ~$7bn and management raised FY26 guidance to $6.10bn revenue / 44.0% adj-GM / 18.5% adj-OM (from $5.90bn / 43.0% / 17.0%). Hyper-Rail is a structurally new product line we expect to begin contributing to backlog into F2H26 and to revenue in FY27. DCOM is now in technical discussions with two additional global hyperscalers, and the Vesta 200 6.4T CPX optical engine (via Nubis acquisition) plus the Nitro 2004 linear redriver are credible new intra-DC revenue lines. We also note that CIEN's cloud-customer mix is >40% of revenue, a structural shift driven by hyperscaler-owned and co-owned fiber going direct to CIEN. While supply constraints could cap near-term upside, we believe that backlog momentum is likely to continue into C2027; Reiterate Buy."