Cowen and Company Lowers Ciena Price Target to $31.00 (CIEN)
Equities researchers at Cowen and Company lowered their target price on shares of Ciena (NASDAQ:CIEN) from $32.00 to $31.00 in a research report issued on Friday. Cowen and Company’s price target suggests a potential upside of 37.90% from the stock’s previous close.
A number of other firms have also recently commented on CIEN. Analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Ciena in a research note on Thursday. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Ciena in a research note on Tuesday. They now have a $22.00 price target on the stock, down previously from $25.00. Finally, analysts at MKM Partners cut their price target on shares of Ciena from $32.00 to $28.00 in a research note on Thursday, May 22nd. They now have a “buy” rating on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $27.06.
Shares of Ciena (NASDAQ:CIEN) opened at 22.48 on Friday. Ciena has a 52-week low of $18.00 and a 52-week high of $27.94. The stock’s 50-day moving average is $19.58 and its 200-day moving average is $22.10. The company’s market cap is $2.361 billion.
Ciena (NASDAQ:CIEN) last released its earnings data on Thursday, June 5th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.04. The company had revenue of $560.10 million for the quarter, compared to the consensus estimate of $559.18 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts expect that Ciena will post $0.88 EPS for the current fiscal year.
Ciena Corporation (NASDAQ:CIEN) is a provider of communications networking equipment, software and services that support the transport, switching, aggregation and management of voice, video and data traffic.
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