B.Riley FBR Believes Ciena Corp (CIEN) Won’t Stop Here


In a report released today, Dave Kang from B.Riley FBR maintained a Buy rating on Ciena Corp (CIEN), with a price target of $42.50. The company’s shares opened today at $34.45, close to its 52-week high of $36.55.

Kang observed:

“Ciena Corp. (CIEN) reported strong F4Q results, as sales/EPS of $899M/$0.53 topped the consensus estimates of $862M/$0.48. Book-to-bill was over one once again and ended the quarter with a backlog of $1.26B, suggesting that the current momentum is sustainable heading into FY19. GM/OM came in at 44.7%/13.9% versus our estimates of 42.5%/12.9%. Strength in the quarter was driven by demand from webscale customers for DCI (Data Center Interconnect), adoption of software automation solutions, surprisingly strong NA, and the continued ramp from the APAC region.”

According to TipRanks.com, Kang is a 5-star analyst with an average return of 15.9% and a 58.6% success rate. Kang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, Acacia Communications, and Lumentum Holdings.

Currently, the analyst consensus on Ciena Corp is a Moderate Buy with an average price target of $38.58, which is an 12.0% upside from current levels. In a report released today, Nomura also maintained a Buy rating on the stock with a $40 price target.

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Ciena Corp’s market cap is currently $4.99B and has a P/E ratio of 7.80. The company has a Price to Book ratio of 2.81.

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Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software.

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