Ciena price target raised to $200 from $120 at Evercore ISI

Evercore ISI analyst Amit Daryanani raised the firm’s price target on Ciena (CIEN) to $200 from $120 and keeps an In Line rating on the shares. Despite challenges from rising memory prices, strong infrastructure spending continues to support growth in the IT hardware and networking sector, says the analyst, who views the sector as poised for “modest topline beats.” Ciena is expected to report strong results, driven by hyperscale and AI-related optical demand, the analyst added.