Ciena sinks on forecast cut

Ciena

07/03/2024 16:51

** Ciena Corp's  CIEN.N  shares down 13.5% at $53.62, on
track for biggest pct decline since Sept 2021 after it cut its
full-year forecast 
    ** "While we remain very confident in the strength and
durability of bandwidth demand as a long-term driver of our
business, it is taking longer than expected for service
providers to work through high levels of inventory" - CEO Gary
Smith
    ** CIEN reported fiscal Q1 adj EPS of 66 cents vs consensus
expectation of 48 cents 
    ** Co last traded at $53.44 vs median PT of $61 - LSEG 
    ** Among 15 analysts covering the stock, five rate it
"strong buy", six "buy" and four "hold"
    ** YTD CIEN shares up 19% after falling 11.7% in 2023







 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))