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Ciena price target raised to $90 from $89 at B. Riley

B. Riley raised the firm’s price target on Ciena (CIEN) to $90 from $89 and keeps a Buy rating on the shares. Ciena’s revenue and orders are trending in the right direction, but shares dropped 13% on Thursday primarily due to the lowered margin outlook, the analyst tells investors in a research note. Management is still targeting long-term gross margin to be mid-40s, as new products should drive margin expansion, the firm says.

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