Ciena price target raised to $67 from $55 at Barclays

Barclays raised the firm’s price target on Ciena to $67 from $55 and keeps an Overweight rating on the shares. Management reaffirmed fiscal 2024 sales guidance, despite the nearly 20% quarter-over-quarter Q4 revenue increase it implies, largely quelling fears that the previous guidance may have been too aggressive, the analyst tells investors in a research note. The firm says Webscale continues to be a source of strength for Ciena.