Ciena Gets Price Target Bumps By Analysts Following Strong Earnings

Ciena Corp CIEN reported better-than-expected Q1 financial results.

Ciena reported a first-quarter FY23 revenue growth of 25.1% year-on-year to $1.057 billion, beating the consensus of $959.4 million. Non-GAAP EPS of $0.64 beat the consensus of $0.36.

Ciena shares gained 3.7% to close at $50.89 on Monday and added 0.7% in today’s pre-market trading.

These analysts made changes to their price targets on Ciena following the release of results.

  • Raymond James raised the price target on Ciena from $57 to $58. Raymond James analyst Simon Leopold maintained an Outperform rating.
  • Barclays increased the price target on Ciena from $71 to $74 Barclays analyst Tim Long maintained an Overweight rating.
  • JP Morgan boosted the price target on Ciena from $65 to $66. JP Morgan analyst Samik Chatterjee maintained the stock with an Overweight.
  • B. Riley Securities boosted the price target on Ciena from $69 to $72. B. Riley Securities analyst Dave Kang maintained the stock with a Buy.
  • Needham analyst Alex Henderson, meanwhile reiterated Ciena with a Buy and maintained a $70 price target.

Read More: $1M Bet On Domino's Pizza? Check Out These 4 Stocks Insiders Are Buying

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetPre-Market OutlookMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!