Ciena Sees ‘Early Signs Of A Recovery,’ 3 Analysts Dive Into Q2 Results
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Shares of Ciena Corp (NYSE:CIEN) declined by 4.82% to $46.21 at last check on Friday, even after the company reported upbeat results for its fiscal second quarter.
The slump comes as analysts provide key takeaways on the company’s latest earnings:
- B Riley analyst Dave Kang maintained a Buy rating, while reducing the price target from $68 to $66.
- Needham analyst Ryan Koontz reiterated a Buy rating, while cutting the price target from $65 to $60.
- JPMorgan analyst Samik Chatterjee reaffirmed an Overweight rating and price target of $60.
Check out other analyst stock ratings.
B Riley Securities: Ciena reported quarterly revenues and earnings of $910.8 million and 27 cents per share, ahead of the consensus of $896 million and 15 cents per share, respectively, Kang said in a note. The inventory correction cycle seems to be “nearing its end,” with backlog declining by $300 million sequentially to $1.9 billion, he added.
Management …
Full story available on Benzinga.com
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