Market Overview

UPDATE: Citigroup Raises PT to $19 on Ciena on Share Gains and Switch Cycle

Share:
Related CIEN
Benzinga's M&A Chatter for Tuesday February 24, 2015
Ciena Earnings: Some Of Wall Street's Brightest Are Watching This Before The Call
The Top Mid-Cap Stocks To Buy This Week (Seeking Alpha)

Citigroup reiterates its Buy/High Risk rating on Ciena (NASDAQ: CIEN) and raises its price target from $18 to $19.

Citigroup comments, "While near-term outlook likely drags consensus estimates lower, we think the bull case for CIEN is still intact, underpinned by three points: 1) CIEN is share gainer in transport due to early positioning in 100G; 2) Upcoming optical switch cycle likely larger than expected, w/highly accretive margin impact; 3) Mgt wholly committed to op-ex control & margin leverage. CIEN's +6%/+15% seq'l/annual growth in optical is solid-proof point of share gains relative market growth ex-CIEN of -25% & -12%, respectively. 5430 customer wins continue, now at ~50% of CoreDirector base in only a few quarters."

CIEN closed at $13.55 on Thursday.

Latest Ratings for CIEN

DateFirmActionFromTo
Nov 2014Northland SecuritiesInitiates Coverage onOutperform
Sep 2014Goldman SachsUpgradesNeutralBuy
Sep 2014MKM PartnersMaintainsBuy

View More Analyst Ratings for CIEN
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (CIEN)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→