After Raymond James and Rosenblatt Securities gave Ciena Corp (NYSE: CIEN) a Buy rating last month, the company received another Buy, this time from Northland Securities. Analyst Tim Savageaux assigned a Buy rating to Ciena Corp today and set a price target of $51.00. The company’s shares closed last Monday at $36.80.
According to TipRanks.com, Savageaux is a 3-star analyst with an average return of 2.6% and a 50.5% success rate. Savageaux covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, DASAN Zhone Solutions Inc, and Applied Optoelectronics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ciena Corp with a $50.85 average price target, implying a 40.1% upside from current levels. In a report issued on September 18, MKM Partners also maintained a Buy rating on the stock with a $51.00 price target.
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Ciena Corp’s market cap is currently $5.69B and has a P/E ratio of 25.91. The company has a Price to Book ratio of 2.69.
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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.
