Rosenblatt Securities analyst Michael Genovese reiterated a Buy rating on Ciena (CIEN – Research Report) yesterday and set a price target of $70.00. The company’s shares closed last Thursday at $46.76, close to its 52-week low of $46.60.
According to TipRanks.com, Genovese is a 5-star analyst with an average return of 10.7% and a 56.1% success rate. Genovese covers the Technology sector, focusing on stocks such as NeoPhotonics, Infinera, and Adtran.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ciena with a $70.53 average price target, implying a 46.1% upside from current levels. In a report issued on June 3, B.Riley Financial also upgraded the stock to Buy with a $67.00 price target.
The company has a one-year high of $78.28 and a one-year low of $46.60. Currently, Ciena has an average volume of 1.46M.
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Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems and operating system software. The Packet Networking segment includes service delivery switches, services aggregation switches, and ethernet packet configurations. The Optical Transport segment manufactures and trades optical transport systems, common photonic layer, data networking products, data center interconnection and virtual networks. The Software and Services segment provides wide area network controller, network functions virtualization platform, and software applications. The company was founded by Patrick H. Nettles in November 1992 and is headquartered in Hanover, MD.
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