Ciena price target raised to $86 from $76 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on Ciena (CIEN) to $86 from $76 and keeps an Overweight rating on the shares. The firm is optimistic the company’s momentum of orders from telecom and cloud customers will continue in Q2 and support further revenue and earnings revisions. While macro concerns have driven challenges to investor sentiment on hardware companies this year, the recent moderation in concerns has led Ciena shares to rebound again to a premium multiple, which is setting up the need of reaffirmation of upsides through the year for further upsides to the shares, the analyst tells investors in a research note.