Stifel analyst Patrick Newton upgraded Ciena (CIEN) to Buy from Hold and increased its price target to $28 from $24 citing a more diversified business model, new product offerings, and lack of China exposure. Newton said market commentary is improving with Ciena's outsized growth from Verizon (VZ), India, and DCI wins and sees potential AT&T (T) spending returning to growth. The analyst said new products, especially WaveLogic AI, as potentially driving an upgrade cycle and for operating margins to continue to move to management's long-term 15% target.