Ciena price target raised to $185 from $140 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Ciena (CIEN) to $185 from $140 and keeps an Equal Weight rating on the shares. Heading into fiscal Q4 earnings, the firm is “positively biased given numbers likely move higher,” the analyst tells investors in a preview. However, the firm does not expect “another step function” given demand conditions largely built into buyside estimates at this point and a buyside multiple already above other AI names such as Arista Networks (ANET), Corning (GLW), Lumentum (LITE) and Coherent (COHR), the analyst added.