Rosenblatt Securities Sticks to Its Buy Rating for Ciena (CIEN)

By Jason Carr

Rosenblatt Securities analyst Ryan Koontz maintained a Buy rating on Ciena (CIENResearch Report) yesterday and set a price target of $59.00. The company’s shares closed last Tuesday at $53.91.

According to TipRanks.com, Koontz is a 5-star analyst with an average return of 23.9% and a 69.8% success rate. Koontz covers the Technology sector, focusing on stocks such as Zoom Video Communications, Applied Optoelectronics, and Acacia Communications.

Currently, the analyst consensus on Ciena is a Moderate Buy with an average price target of $52.80, representing a -3.5% downside. In a report issued on May 22, MKM Partners also maintained a Buy rating on the stock with a $62.00 price target.

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Ciena’s market cap is currently $8.11B and has a P/E ratio of 29.50. The company has a Price to Book ratio of 4.61.

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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 area 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.