These Analysts Revise Their Forecasts On Ciena After Q3 Results
Portfolio Pulse from Avi Kapoor
Ciena Corp (NYSE:CIEN) reported Q4 FY23 revenue of $1.129 billion, a 16% increase YOY, surpassing the consensus estimate of $1.095 billion. Adjusted EPS was 75 cents, beating the consensus of 69 cents. Post-earnings, shares rose 1.2% to $46.31. Raymond James lowered its price target from $63 to $60 but maintained a Strong Buy rating, while Barclays raised its target from $59 to $60 and kept an Overweight rating.
December 08, 2023 | 12:38 pm
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Ciena Corp reported strong Q4 FY23 results with revenue and EPS exceeding estimates, leading to a 1.2% rise in stock price. Analysts at Raymond James and Barclays adjusted their price targets post-earnings, indicating continued analyst interest and confidence in the stock.
The positive earnings report and the subsequent increase in stock price suggest a bullish short-term impact. Analyst revisions of price targets, even though mixed, show continued support for the stock. The Strong Buy and Overweight ratings reinforce the positive outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100