These Analysts Revise Their Forecasts On Ciena After Q3 Results

Ciena Corp CIEN reported better-than-expected earnings for its fourth quarter on Thursday.

The company posted a fourth-quarter FY23 revenue growth of 16% year-on-year to $1.129 billion, beating the consensus estimate of $1.095 billion. The company reported an adjusted EPS of 75 cents, beating the consensus of 69 cents, according to Benzinga Pro.

Ciena shares rose 1.2% to close at $46.31 on Thursday.

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

• Raymond James cut the price target on Ciena from $63 to $60. Raymond James analyst Simon Leopold maintained a Strong Buy rating.
• Barclays increased the price target on Ciena from $59 to $60. Barclays analyst Tim Long maintained an Overweight rating.

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