Ciena price target raised to $52 from $47 at Evercore ISI

Evercore ISI analyst Amit Daryanani raised the firm’s price target on Ciena to $52 from $47 and keeps an In Line rating on the shares after the company reported July-end quarter sales ahead of Street expectations. “Importantly their print & guide was well ahead of buyside fears,” says the analyst, who notes that Ciena saw notable strength across all verticals, but specifically within webscale. The firm, which calls this “a solid print” against a more challenged backdrop, thinks investors will look for consistency in execution and signs of gross margin expansion in FY25, so it is sticking with an In Line rating.