Cloud Should Be An Outsized Growth Driver For Ciena Across Fiscal 2025: Morgan Stanley Analyst
Morgan Stanley analyst Meta Marshall upgraded Ciena Corp (NYSE:CIEN) from Equal-Weight to Overweight and raised the price target from $53 to $55.
In CIEN’s fiscal second-quarter print, Marshall was slightly more cautious given the challenging fiscal 2024 setup, where he saw a risk to Street estimates that implied a hockey-stick inflection in the year’s second half.
However, post-cut to full-year estimates, Marshall noted that the fiscal 2024 model is de-risked at this point, and he re-rated to reflect upside potential in fiscal 2025 as inventory levels normalize.
Cloud demand outperforms on the back of share gains / WaveLogic 6 ramp.
Marshall expected service provider recovery to be gradual, with inventory levels …
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