Ciena price target raised to $135 from $95 at BofA

BofA raised the firm’s price target on Ciena (CIEN) to $135 from $95 and keeps a Buy rating on the shares. Q3 results beat Street expectations across the board and management is calling for “remarkable” 17% growth in FY25 and FY26 on the back of increased Cloud activity and stabilizing Service Provider trends, the analyst tells investors in a post-earnings note. The firm, which increased its estimates on the elevated activity level with Hyperscalers, sees a “healthy growth path over the next several quarters.”