Ciena (CIEN – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Ryan Koontz from Needham maintained a Buy rating on the stock and has a $90.00 price target.
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Ryan Koontz has given his Buy rating due to a combination of factors including Ciena’s strong performance in the cloud sector, which showed significant year-over-year growth. Despite some concerns over lower gross margins and earnings per share, the company demonstrated robust revenue growth and strong bookings, indicating a positive outlook.
Koontz views the recent stock pullback as a strategic buying opportunity, citing Ciena’s leading technology and strong customer relationships as key strengths. He anticipates continued market share gains and is optimistic about future opportunities, particularly in intra-data center developments, although he remains cautious about the prospects in Switching and Broadband. Consequently, he maintains a Buy rating with a price target of $90.
In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $75.00 price target.