Ciena price target raised to $65 from $58 at MKM Partners

MKM Partners analyst Catharine Trebnick raised the firm’s price target on Ciena to $65 from $58 and keeps a Buy rating on the shares. The company’s Q4 results were "surprisingly impressive" and its guidance was positive as its management anticipates gradual improvement in component supply and a backlog of $4.2B, the analyst tells investors in a research note. Trebnick is also raising her FY23 EPS view on Ciena by 5c to $2.47.