Ciena Gets Price Target Bumps By Analysts Following Strong Earnings

Ciena Corp CIEN reported better-than-expected Q1 financial results.

Ciena reported a first-quarter FY23 revenue growth of 25.1% year-on-year to $1.057 billion, beating the consensus of $959.4 million. Non-GAAP EPS of $0.64 beat the consensus of $0.36.

Ciena shares gained 3.7% to close at $50.89 on Monday and added 0.7% in today’s pre-market trading.

These analysts made changes to their price targets on Ciena following the release of results.

• Raymond James raised the price target on Ciena from $57 to $58. Raymond James analyst Simon Leopold maintained an Outperform rating.
• Barclays increased the price target on Ciena from $71 to $74 Barclays analyst Tim Long maintained an Overweight rating.
• JP Morgan boosted the price target on Ciena from $65 to $66. JP Morgan analyst Samik Chatterjee maintained the stock with an Overweight.
• B. Riley Securities boosted the price target on Ciena from $69 to $72. B. Riley Securities analyst Dave Kang maintained the stock with a Buy.
• Needham analyst Alex Henderson, meanwhile reiterated Ciena with a Buy and maintained a $70 price target.

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