Rosenblatt Downgrades CIENA (CIEN) to Neutral
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CIENA (CIEN) PT Lowered to $60 at JPMorgan
May 30, 2024 6:29 AM EDTJPMorgan analyst Samik Chatterjee lowered the price target on CIENA (NYSE: CIEN) to $60.00 (from $67.00) while maintaining a Overweight rating.
The analyst comments "We are trimming our forecasts for Ciena heading into the print in the first week of June as our recent discussions with optical equipment vendors at our 52nd Annual TMC Conference highlighted the lackluster recovery till-date in relation to Telecom service provider orders and demand, which is pushing out expectations of a recovery into late 2024/ early 2025. While Ciena has already lowered expectations for revenues this year, achieving the... More
