BNP Paribas Exane upgraded Ciena (CIEN) to Outperform from Neutral with a price target of $185, up from $120. The company is positioned to benefit from “burgeoning” data center investments, the analyst tells investors in a research note. The firm believes Ciena is facing multiple tailwinds across data center while the Nubis acquisition should bring “durable” double-digit sales growth and margin expansion. Ciena’s recent multiple expansion is justified and earnings upside is ahead given the company’s growing data center exposure, contends BNP.
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