Ciena price target raised to $240 from $190 at Northland

Northland raised the firm’s price target on Ciena (CIEN) to $240 from $190 and keeps a Market Perform rating on the shares. While Ciena’s fiscal Q1 report and outlook “showed solid upside and impressive overall growth,” the shares were likely discounting greater upside given “some of the pyrotechnics we have seen on the component side,” the analyst tells investors. The firm’s focus remains on Ciena suppliers Fabrinet (FN) and Lumentum (LITE) and “dramatically undervalued peers” such as Nokia (NOK) for greater upside potential, the analyst added.

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