Citi analyst Atif Malik raised the firm’s price target on Ciena (CIEN) to $84 from $68 and keeps a Buy rating on the shares. The firm is raising its FY26 sales and earnings per share estimates by 3% and 4%, respectively, to reflect the stronger adoption of pluggables in and around the data center, an opportunity not captured in the company’s 6%-8% growth target. Citi believes shares warrant less of a discount to networking peers trading at roughly 26x due to Ciena’s expanding opportunities, including AI.
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