UPDATE: Jefferies Raises PT on Ciena Following Fiscal Q2 Results/Guidance

In a report published Friday, Jefferies analyst George C. Notter reiterated a Hold rating on

, and raised the price target from $16.50 to $20.00. In the report, Jefferies noted, “We're very impressed by Ciena's fiscal Q2 results and guidance – clearly there's a positive change in the top line fundamentals of the business. With the stock now trading into the $19+ range, we're inclined to remain on the sidelines as we still have a number of longer-term concerns (declining legacy product revenue and sustainability of operating margin targets).” Ciena Corporation closed on Thursday at $19.15.