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Fly News Breaks for September 1, 2017
CIEN
Sep 1, 2017 | 07:21 EDT
UBS analyst Tejas Venkatesh noted Ciena posted a slight beat for Q3 but the stock traded lower following the report and the company's guidance. The analyst feels the pullback is overdone as he believes it is still a mid- to high-single digit revenue growth story. He noted the weaker than expected outlook was attributed to federal weakness, but he said it appears to be a budgeting issue and not a loss of market share. Venkatesh maintained his Buy rating and lowered his price target to $29 from $31 on Ciena shares.
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