Nomura Reaffirms “Buy” Rating for Ciena (CIEN)
Ciena (NASDAQ:CIEN)‘s stock had its “buy” rating restated by analysts at Nomura in a research report issued to clients and investors on Friday. They currently have a $24.00 target price on the stock, down from their previous target price of $30.00. Nomura’s target price suggests a potential upside of 29.66% from the company’s current price.
Ciena (NASDAQ:CIEN) traded up 4.75% on Friday, hitting $19.39. The stock had a trading volume of 2,057,342 shares. 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 $19.66 and its 200-day moving average is $21.15. The company’s market cap is $2.047 billion.
Ciena (NASDAQ:CIEN) last announced its 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. Analysts expect that Ciena will post $0.92 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on CIEN. Analysts at Dougherty & Co cut their price target on shares of Ciena from $34.00 to $32.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at RBC Capital cut their price target on shares of Ciena from $21.00 to $19.00 in a research note on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Goldman Sachs upgraded shares of Ciena from a “neutral” rating to a “buy” rating in a research note on Friday. They now have a $26.00 price target on the stock, up previously from $18.51. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. Ciena currently has an average rating of “Buy” and an average target price of $26.38.
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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