UPDATE: Jefferies Raises PT to $19.50 on CIENA Corporation on 10-Q Takeaways

Jefferies maintained CIENA Corporation CIEN with a Hold rating and raised the price target from $14.50 to $16.50. Jefferies analyst George C. Notter commented, "We remain concerned about longer term profitability and declining legacy products. At the same time, we still believe the business may get an intermediate-term boost as the 6500 / 5430 product cycles get traction with significant customers. In total, we see the current risk/reward as balanced." CIENA Corporation closed at $16.99 on Monday.