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Ciena Corporation's Exposure To Brexit Fallout May Be Less Than Initially Suggested

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Ciena Corporation's Exposure To Brexit Fallout May Be Less Than Initially Suggested

Ciena Corporation (NYSE: 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.

Related Link: MKM Reiterates Buy On Ciena Following Strong Earnings

Kvaal said Ciena's three lead European customers are BT Group plc (ADR) (NYSE: BT), Liberty Global plc - Class A Ordinary Shares (NASDAQ: LBTYA) and Vodafone Group Plc (ADR) (NASDAQ: 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.

Latest Ratings for BT

DateFirmActionFromTo
Feb 2019BerenbergDowngradesBuyHold
Jan 2019Bank of AmericaDowngradesBuyNeutral
Dec 2018Goldman SachsUpgradesNeutralBuy

View More Analyst Ratings for BT
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