MKM Partners analyst Michael Genovese maintained a Buy rating on Ciena Corp (CIEN) today and set a price target of $45. The company’s shares closed yesterday at $34.91, close to its 52-week high of $36.55.
According to TipRanks.com, Genovese is a 4-star analyst with an average return of 6.5% and a 49.1% success rate. Genovese covers the Consumer Goods sector, focusing on stocks such as Acacia Communications, BlackBerry Limited, and Lumentum Holdings.
Ciena Corp has an analyst consensus of Moderate Buy, with a price target consensus of $38.38, which is a 9.9% 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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Based on Ciena Corp’s latest earnings release for the quarter ending July 31, the company reported a quarterly net profit of $50.84 million. In comparison, last year the company had a net profit of $1.16 billion.
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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.
