Jefferies Sticks to Its Buy Rating for Ciena Corp

By Carrie Williams

Jefferies analyst George Notter reiterated a Buy rating on Ciena Corp (NYSE: CIEN) yesterday and set a price target of $32.50. The company’s shares opened today at $27, close to its 52-week high of $27.98.

According to TipRanks.com, Notter is a 4-star analyst with an average return of 8.3% and a 58.6% success rate. Notter covers the Technology sector, focusing on stocks such as Comtech Telecommunications, Hewlett Packard Enterprise, and Interxion Holding NV.

Currently, the analyst consensus on Ciena Corp is Strong Buy and the average price target is $29.77, representing a 10.3% upside.

In a report issued on May 22, Stifel Nicolaus also upgraded the stock to Buy with a $28 price target.

Ciena Corp’s market cap is currently $3.84B and has a P/E ratio of 44.57. The company has a book value ratio of 4.8078.

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Ciena Corp. engages in the provision of network and communication infrastructure. It operates through the following segments: Converged Packet Optical; Packet Networking; Optical Transport; and Software and Services. The Converged Packet Optical segment develops and sells optical processors, switching systems, and operating system software. The Packet Networking segment includes service delivery switches, services aggregation switches, and ethernet packet configurations. The Optical Transport segment manufactures and trades optical transport systems, common photonic layer, data networking products, data center interconnection, and virtual networks. The Software and Services segment provides wide are network controller, network functions virtualization platform, and software applications. The company was founded by Patrick H. Nettles in November 1992 and is headquartered in Hanover, MD.