Ciena NDR offers ‘balanced view’, says Needham

Needham keeps a Buy rating and $60 price target on Ciena after meeting with its management in a non-deal roadshow last week. The content presented to investors was “balanced and reasonable” with near-term caution and longer term optimism, the analyst tells investors in a research note. While the company’s comps are tough as the Supply Chain improved, sharply resulting a spike of deliveries, Ciena is also seeing strong activity from Cloud customers, the firm added. While the activity has not yet matured into Orders, Ciena is confident in solid 2024 Cloud growth, Needham states.