Stifel analyst Ruben Roy reiterated a Buy rating and $615.00 price target on CIENA (NYSE: CIEN).

The analyst comments "Ciena's F2Q26 report extended the beat and raise pattern we expected as noted in our preview into the print: revenue of $1.57bn (+40% y/y) vs consensus $1.51bn beat the guide midpoint by ~$70mn, adj-GM of 44.9% (+90bps vs. midpoint) and adj-OM of 19.5% (+150bps vs. midpoint) all came in above the high end of the guide as well - adj-EPS was $1.64 vs $1.46 consensus. Management raised FY26 guidance midpoint to $6.3bn (+32% y/y, above our previous $6.14bn estimate), raising both the gross and operating margin ranges. Management disclosed the industry's first hyperscaler multi-rail order on RLS hyper-rail; though it carries $0 FY26 revenue, CIEN expects a meaningful 2027 uptick, deals worth "hundreds of millions over multiple years," and step function margin accretion versus single-rail RLS. Backlog of $7.7bn and a deepening moat through co-developed engagement structures underpin visibility into 2027."

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Shares of CIENA closed at $620.37 yesterday.