Ciena price target raised to $69 from $68 at Loop Capital

Loop Capital analyst Fahad Najam raised the firm’s price target on Ciena to $69 from $68 and keeps a Buy rating on the shares. The company’s Q4 results were "solid" and its three year CAGR outlook of 10%-12% was "clearly better than investor expectations", the analyst tells investors in a research note. Ciena’s demand outlook and competitive position also continue to improve far ahead of investor expectations, and the stock is benefiting from "flight to quality" in the face of a worsening macro environment, Najam adds.