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Ciena price target lowered to $90 from $95 at Needham

Needham lowered the firm’s price target on Ciena (CIEN) to $90 from $95 but keeps a Buy rating on the shares. The company’s Q1 results were “strong”, with surprisingly strong bookings including from Cloud, provided improving visibility, the analyst tells investors in a research note. The firm adds however that the quarter did see some one-time benefits that are not expected to recur in Q2, with Q2 guidance that was only in line and likely raising some investor concern, Needham added.

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