UPDATE: J.P. Morgan Raises Price Target On Ciena To $14

According to J.P. Morgan, Ciena (NASDAQ: CIEN) price target is raised to $14.

J.P. Morgan said that Ciena surprised on margins causing its shares to breathe a sigh of relief, but it sees this as a tough act to repeat. “Given spending pressures, we're lowering our FY'12 revenue estimate by 4.4% to $1.9b from $2.0b prior. Our FY'12 operating margin target slips to 5.9% from 6.7% impacted by higher OpEx assumptions.”

Ciena closed yesterday at $12.62.