UPDATE: Stifel Reiterates Buy Rating, Raises PT on Ciena Corporation Following Strong July Report, Good Fall Outlook

In a report published Thursday, Stifel analyst Sanjiv Wadhwani reiterated a Buy rating on

, and raised the price target from $24.00 to $27.00. In the report, Stifel noted, “Ciena posted a strong July quarter and commentary and outlook for October and beyond suggested that the company is well positioned over the next few quarters. As we have indicated in the past, the company is seeing positive demand in North America, India, Brazil and parts of Europe. The quarter saw positive order flow, particularly from international tier-1 customers, with orders exceeding revenues (and reaching record levels). Ciena also had record backlog exiting the quarter.” Ciena Corporation closed on Wednesday at $23.54.