Nomura Reiterates Buy on Ciena Corp. (CIEN)
A number of other analysts have also recently weighed in on CIEN. Analysts at Needham & Company initiated coverage on shares of Ciena Corp. in a research note to investors on Wednesday. They set a “buy” rating and a $16.00 price target on the stock. Separately, analysts at Raymond James (NYSE: RJF) downgraded shares of Ciena Corp. from a “strong-buy” rating to a “market perform” rating in a research note to investors on Thursday, April 5th. Finally, analysts at JPMorgan Chase (NYSE: JPM) upgraded shares of Ciena Corp. from a “neutral” rating to an “overweight” rating in a research note to investors on Wednesday, April 4th. They now have a $20.00 price target on the stock, up previously from $15.00.
Shares of Ciena Corp. traded up 7.24% during mid-day trading on Wednesday, hitting $12.74. Ciena Corp. has a 52 week low of $9.89 and a 52 week high of $26.20. The company’s market cap is $1.257 billion.
Ciena Corp. last announced its earnings results on Thursday, May 31st. The company reported $0.04 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.03) by $0.07. The company’s quarterly revenue was up 14.3% on a year-over-year basis. On average, analysts predict that Ciena Corp. will post $0.09 earnings per share next quarter.
Ciena Corporation (Ciena) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.