Ciena price target raised to $71 from $69 at Loop Capital

Loop Capital raised the firm’s price target on Ciena to $71 from $69 and keeps a Buy rating on the shares. The drivers of Ciena’s long-term operating model are not only intact but significantly exceeding investor expectations, the analyst tells investors in a research note, stating that the company should continue to benefit over the long term from the ongoing secular shift to digital, which will require more bandwidth and deeper fiber penetration. The firm adds that the valuation for Ciena shares is compelling for long-term-oriented investors.