Ciena price target raised by $1 at Barclays, here’s why

Barclays analyst Tim Long raised the firm’s price target on Ciena to $60 from $59 and keeps an Overweight rating on the shares. The company reported fiscal Q4 results slightly above estimates and initiated fiscal 2024 guidance with 2.5% top-line growth, the analyst tells investors in a research note. The firm took down 2024 estimates assuming continued carrier pushouts while webscale revenue “remains lumpy.”