Northland Securities analyst Tim Savageaux maintained a Buy rating on Ciena Corp (CIEN) today and set a price target of $42. The company’s shares closed on Friday at $37.99.
Savageaux wrote:
“We are upgrading CIEN shares to OP from MP and increasing our PT from $34 to $42, based on both a recent deep dive into emerging 600G/800G coherent optical technology, discussed further in an associated industry note, that included a discussion with CIEN management last week in addition to multiple competitors as well as the recent and fairly dramatic underperformance of CIEN shares relative to ACIA and the broader 100G+ optical group, bringing valuation into a more attractive range.”
According to TipRanks.com, Savageaux is a 4-star analyst with an average return of 8.1% and a 58.1% success rate. Savageaux covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, DASAN Zhone Solutions Inc, and Acacia Communications.
Currently, the analyst consensus on Ciena Corp is a Moderate Buy with an average price target of $44.53.
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Ciena Corp’s market cap is currently $5.94B and has a P/E ratio of 39.31. The company has a Price to Book ratio of 2.89.
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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.
