JP Morgan Reiterates Neutral, $14 PT on Ciena Corp

JP Morgan maintains its Neutral rating and $14 target price on Ciena Corporation (NASDAQ: CIEN) as weakened carrier spending creates downside on FQ4 forecasts.

JPM says, “We expect weakness in carrier spending to continue to weigh on Ciena until mid-2012 when we believe a 100G spending cycle could begin. We also expect less seasonality in FQ1'12 as implied by CapEx trends and guidance from major service providers.”

CIEN closed at $11.95 per share on Friday.