JPMorgan analyst Samik Chatterjee upgraded Ciena to Overweight from Neutral with an unchanged price target of $60. The company’s medium-term growth should accelerate led by pent-up demand for network investments, Chatterjee tells investors in a research note. The investment in wireline network infrastructure is expected to be closely aligned to bandwidth expansion of the network, with Ciena well positioned to leverage the secular growth in the industry as well as deliver outperformance through its technological leadership in the optical systems industry, says the analyst. He says Ciena’s three-year targets to put it above the peer group of networking companies in terms of growth.
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