UPDATE: Jefferies Raises PT on CIENA Corporation Following 10-Q Filing

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

, and raised the price target from $20.00 to $22.00. In the report, Jefferies noted, “Ciena filed its 10-Q yesterday on an impressive fiscal Q3. However, we continue to remain concerned about longer-term profitability and declining legacy products. With the stock now trading into the $25+ range, we're inclined to remain on the sidelines as we think the risk/return on the shares is balanced.” CIENA Corporation closed on Thursday at $24.56.