Ciena price target raised to $45 from $40 at Northland

Northland analyst Tim Savageaux raised the firm’s price target on Ciena to $45 from $40 and keeps a Market Perform rating on the shares. After "several quarters of suffering from unexpected supply chain woes," unexpected supply chain improvements enabled Ciena to ship through backlog and post Q4 upside, said Savageaux. However, a share price in the mid $40 range discounts a return to about $3.00 in EPS power, compared to his own unchanged FY23 EPS estimate of $2.54, so some "perspective remains in order" despite the upside, Savageaux contends.