Ciena gains after Citi upgrades rating and raises PT

Ciena

23/09/2024 14:25

** Shares of networking systems firm Ciena  CIEN.N  up 3% at
$60.48 premarket
    ** Citigroup upgrades stock to "buy" from "sell"; raises PT
to $68 from $44
        ** "Upgrade CIEN to buy as the extended overhang from
excess inventory and weak demand in telco/cable is gradually
lifting and will yield a return to medium-high single-digit
growth in FY25" - Citi
  
    ** 12 of 17 brokerages covering CIEN rate it "buy" or
higher, 5 "hold"; median PT is $62.50 - LSEG
    ** Stock up ~30.5% YTD as of last close

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))