Ciena downgraded to Market Perform on valuation at Northland

Northland downgraded Ciena (CIEN) to Market Perform from Outperform with a $190 price target At the current valuation, and with Q1 capacity limited as the company termed itself “sold out,” the firm sees FY26 guidance and upside drivers like new scale wins “fully factored” into the shares, the analyst tells investors.