Ciena price target raised to $60 from $55 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Ciena to $60 from $55 and keeps an Overweight rating on the shares. The company’s fiscal Q3 upside was driven by cloud demand, the analyst tells investors in a research note. The firm is encouraged by WaveLogic 6 commentary in the quarter, saying Ciena now has orders from 23 customers and revenue to begin in Q4, creating incremental upside opportunity in fiscal 2025.