B. Riley downgraded Ciena (CIEN) to Neutral from Buy with a price target of $113, up from $90. The firm cites valuation for the downgrade following yesterday’s post-earnings rally. Despite Ciena having strong visibility, Riley is moving to the sidelines with the shares up 119% since early April, the analyst tells investors in a research note. The firm now believes most of the good news is already factored into the stock.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CIEN: