Ciena Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts
Portfolio Pulse from Avi Kapoor
Ciena Corporation (NYSE:CIEN) is anticipated to report lower earnings for Q1, with expectations set at 48 cents per share compared to 64 cents in the previous year. Revenue is projected at $1.02 billion. Despite this, analysts have recently increased their price targets for CIEN, reflecting a positive outlook on the stock. Notably, JP Morgan, Needham, Evercore ISI Group, B. Riley Securities, and Barclays have all raised their price targets, citing various reasons for their optimism.
March 07, 2024 | 6:20 am
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Ciena Corporation is projected to report lower Q1 earnings but has seen a positive adjustment in price targets from analysts, indicating a bullish outlook.
The anticipation of lower earnings for Ciena is counterbalanced by a series of positive price target adjustments from highly accurate analysts. This suggests that the market may have already priced in the expected earnings dip and is now responding more to the long-term growth prospects as seen by these analysts. The upgrades in price targets, especially from analysts with high accuracy rates, could lead to increased investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100