CIENA (CIEN) PT Lowered to $50 at Evercore ISI

Evercore ISI analyst Amit Daryanani lowered the price target on CIENA (NYSE: CIEN) to $50.00 (from $57.00) while maintaining a In Line rating.

The analyst comments " Net/Net: We think these pushouts are logical given how extended lead times had gotten. This should enable a stronger (double digit) growth in FY24 and potentially beyond. Share gains remain strong and India remains a solid growth vector. The debate will be duration of the pause/pushouts by N. American Tier-1 companies. Sticking with our In Line rating, but lowering target to $50 (prior $57). "

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