Market Overview

UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Ciena Corporation

Related CIEN
Benzinga's Top Initiations
25 Tactical Trades Goldman Sachs Is Watching Amid Earnings Season
Tesla Downgraded On Model X; Jazz, Allergan Get Buys (Investor's Business Daily)

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on Ciena Corporation (NASDAQ: CIEN), but lowered its price target from $19.00 to $16.00.

J.P. Morgan noted, “FQ4'12 guidance is clearly weak, though excluding SEA-ME-WE-4 revenues, we believe revenues would have grown sequentially. FQ3'12 gross margin was disappointing at an adjusted 38.6% (39.6% reported) vs. ~40% guidance. We believe both problems, however, relate mainly to the slower than expected rollout of major US deals. Despite being unpleasant, this is fairly normal during major architectural shifts as carriers need to work through many kinks. Given this, we believe now is as good a time as any to increase exposure to Ciena in preparation for a 2013 ramp in optical spending. Reiterate Overweight.”

Ciena Corporation closed on Thursday at $13.46.

Latest Ratings for CIEN

Oct 2015Morgan StanleyInitiates Coverage onEqual-weight
Sep 2015RBC CapitalUpgradesSector PerformOutperform
Sep 2015Deutsche BankDowngradesBuyHold

View More Analyst Ratings for CIEN
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings


Related Articles (CIEN)

Get Benzinga's Newsletters