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Fly News Breaks for December 6, 2019
T, FB, CIEN
Dec 6, 2019 | 05:17 EDT
UBS analyst Tejas Venkatesh downgraded Ciena (CIEN) to Sell from Neutral with a price target of $31, down from $43. Operational expectations are too high following the company's two years of solid top-line outperformance, Venkatesh tells investors in a research note. Based on channel checks, the analyst believes Ciena's revenue guidance for the January quarter will miss consensus. Venkatesh is concerned about slowing Facebook (FB) spending, which was 13% of the company's revenue last quarter based industry checks, as well as spending deceleration at large tier 1 telcos such as AT&T (T).
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