Ciena PT Lowered to $24.00 (CIEN)
Research analysts at BMO Capital Markets reduced their target price on shares of Ciena (NASDAQ:CIEN) from $30.00 to $24.00 in a report released on Friday. The firm currently has an “outperform” rating on the stock. BMO Capital Markets’ price target points to a potential upside of 29.66% from the stock’s previous close.
A number of other firms have also recently commented on CIEN. Analysts at RBC Capital cut their price target on shares of Ciena from $24.00 to $21.00 in a research note on Tuesday, August 19th. They now have a “sector perform” rating on the stock. Analysts at Zacks downgraded shares of Ciena from an “outperform” rating to a “neutral” rating in a research note on Monday, August 18th. They now have a $20.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $27.07.
Ciena (NASDAQ:CIEN) opened at 18.51 on Friday. Ciena has a 52 week low of $18.00 and a 52 week high of $27.94. The stock has a 50-day moving average of $19.66 and a 200-day moving average of $21.15. The company’s market cap is $1.955 billion.
Ciena (NASDAQ:CIEN) last posted its quarterly earnings results on Thursday, September 4th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.29 by $0.03. The company had revenue of $603.60 million for the quarter, compared to the consensus estimate of $600.81 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts predict that Ciena will post $0.95 earnings per share 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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