Ciena price target raised to $66 from $65 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on Ciena to $66 from $65 and keeps an Overweight rating on the shares. The company’s fiscal Q1 earnings came in well ahead of expectations, led by better than expected component deliveries and a favorable product mix of modems, the analyst tells investors in a research note. The firm sees a catalyst path for further share upside as the company continues to expect supply to gradually improve through the year