Ciena price target raised to $67 from $56 at JPMorgan

JPMorgan raised the firm’s price target on Ciena to $67 from $56 and keeps an Overweight rating on the shares ahead of the fiscal Q1 report. The firm says upside to estimates would likely help the bull case that all hardware and networking companies with association to the datacenter will have upside from the artificial intelligence investment cycle, irrespective of whether they are positioned inside or outside the datacenter and in part justify the premium valuation relative to historical levels.