Ciena price target raised to $65 from $60 at Needham

Needham raised the firm’s price target on Ciena to $65 from $60 and keeps a Buy rating on the shares ahead of its Q1 results this week. Q1 is typically Ciena’s seasonally softest as Service Providers lock down their networks into the high traffic holiday period, and this year, the period was also cyclically weak in Telecom, though the company likely knew this when it guided, the analyst tells investors in a research note. Ciena should report an in-line quarter, with Product Sales down about 10% and Service stability partially moderating the decline, the firm added.