UPDATE: Goldman Sachs Initiated Ciena Corporation at Neutral with $18 PT ; Valuation Full
Goldman Sachs initiated coverage on Ciena Corporation (NASDAQ: CIEN) with a Neutral rating and a price target of $18 a share.
Goldman Sachs said, "Ciena is a pure-play optical equipment vendor, which has been able to maintain its market share of the Optical WDM at around 15% given its early lead in 40/100G networks. As a result, we expect Ciena will be able to grow its top line at a 10% CAGR between FY11-14 and return to profitability throughout FY13. However, with the stock up 47% ytd (vs. the SPX up 12%), and we believe Ciena's EV/CY13E Sales premium (Ciena at 1.2X vs. JDSU and Finisar at 1.0X and 1.1X, respectively) already reflects top-line and margin recovery expectations."
Ciena Corporation closed at $17.82 on Thursday.
Latest Ratings for CIEN
|Jan 2017||UBS||Initiates Coverage On||Buy|
|Dec 2016||PiperJaffray||Initiates Coverage On||Overweight|
|Nov 2016||Deutsche Bank||Upgrades||Hold||Buy|
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