Ciena Analysts Slash Their Forecasts After Q2 Results

Ciena Corporation CIEN reported better-than-expected earnings for its second quarter.

Ciena reported a second-quarter FY23 revenue growth of 19.3% year-on-year to $1.13 billion Tuesday, beating the consensus estimate of $1.09 billion. Non-GAAP EPS of $0.74 beat the consensus of $0.61.

Ciena shares fell 10.8% to close at $42.39 on Tuesday.

These analysts made changes to their price targets on Ciena following earnings announcement.

• Raymond James cut the price target on Ciena from $70 to $63. Raymond James analyst Simon Leopold maintained a Strong Buy rating.
• Barclays lowered the price target on Ciena from $74 to $66. Barclays analyst Tim Long maintained an Overweight rating.
• Needham slashed Ciena price target from $70 to $60. Needham analyst Alex Henderson maintained a Buy rating.
• Rosenblatt cut Ciena price target from $65 to $57. Rosenblatt analyst Mike Genovese maintained the stock with a Buy.
• UBS lowered Ciena price target from $54 to $48. UBS analyst David Vogt maintained the stock with a Neutral.

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