Morgan Stanley upgraded Ciena (CIEN) to Equal Weight from Underweight with a price target of $140, up from $100. The firm reshuffled its telecom and networking equipment ratings ahead of the Q3 reports. The Underweight thesis on Ciena centered around a lack of margin follow through was addressed with the company’s workforce reduction, the analyst tells investors in a research note. Morgan Stanley says its margin concerns proved overdone while Ciena’s demand data points continue to improve.
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