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.
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