Ciena price target raised to $152 from $120 at Stifel

Stifel raised the firm’s price target on Ciena (CIEN) to $152 from $120 and keeps a Buy rating on the shares after the company announced its intent to acquire privately held Nubis Communications for $270M in an all-cash transaction. The firm, which expects the acquired assets and intellectual property to expand Ciena’s established leadership in long-distance and metro coherent optics into critical, short-reach, high-density interconnect opportunities in data centers, believes that the acquisition is consistent with the company’s longer-term strategy to secure a leading position in the rapidly accelerating AI-driven data center interconnect market, the analyst tells investors.