Ciena Corporation CIEN was among the first to offer cautious Brexit commentary, and Nomura said the company's exposure to the Brexit fallout may be less than expected.
"Our follow-up for more detail suggests a lower exposure than we had initially understood. Ciena's UK exposure is lower than the ~10 percent level suggested by the press," analyst Jeffrey Kvaal wrote in a note.
Kvaal said Ciena's three lead European customers are BT Group plc (ADR) BT, Liberty Global plc - Class A Ordinary Shares LBTYA and Vodafone Group Plc (ADR) VOD.
The analyst highlighted that earlier BT was a larger share of European sales and thus the U.K. exposure was near 10 percent.
Shares of Ciena, which makes communications networking solutions, closed Thursday's regular trading at $18.75 and were up 0.8 percent Friday morning, trading at $18.90.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.