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Ciena Corporation (NYSE:CIEN) caught an upgrade after a new analyst report says the company can outgrow the market.
The Analyst
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Morgan Stanley Meta Marshall upgraded from Equal-Weight to Overweight, and raised his price target from $29 to $30.
The Thesis
Ciena’s WaveLogic AI and global scale has created a share gain opportunity, Marshall said in a note.
The attractiveness of telecom and datacomm spend pushed Ciena at the top of Morgan Stanley’s Optical Scorecard. After conducting a meeting with company management, the analyst said sales momentum can persist for at least the next year.
“While we have always been mindful that optical is complex, we gained more appreciation last week for how much CIEN is using technology in combination with reach to gain share, with reach providing a more persistent advantage when technology gaps may not be as large,” said Marshall.
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The analyst says the company can get above $2 EPS by 2019 on revenue strength, based on:
- Eight new Tier 1 wins;
- Larger than expected hyperscale spend; and
- New projects with existing customers.
Marshall said Ciena’s traction with new customers and categories continue to be encouraging, a sign he said should help the company outgrow the market.
Price Action
Shares are up over 3 percent, trading around $25.71 at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.