CIENA (CIEN) PT Lowered to $520 at Needham, 'We would be buyers on weakness'

Needham analyst Ryan Koontz lowered the price target on CIENA (NYSE: CIEN) to $520.00 (from $600.00) while maintaining a Buy rating.

The analyst comments "CIEN reported strong F3Q26 results, beating consensus rev/NG EPS by +2%/+$0.38 and raised F4Q guidance by 3%/~$0.23. Like many of its AI-optical peers, CIEN stock traded off -8% in response to an expectations miss despite a ~30% decline over past Q into the print. Its two largest Direct Cloud customers (Meta and Google) carried all the sequential growth (+25% q/q), reaching 41.7% of total as supply constraints continue to limit revenue upside and allocation to others. B2B was a solid 1.5 and recent bookings indicate 4Q B2B will track >1.8. Initial commentary for F27 was constructive, >30% revenue growth and only modest GM expansion which likely disappointed. We would be buyers on weakness, expecting meaningful upside to our increased estimates, and decrease our PT to $520."

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