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Fly News Breaks for September 20, 2017
CIEN
Sep 20, 2017 | 08:57 EDT
Nomura Instinet analyst Jeffrey Kvaal believes management commentary at recent conferences signals Ciena's growth for fiscal year 2018 is likely to be more back-half weighted than consensus expects. The stock's multiple, near a five year low, likely reflects some of this, though, Kvaal tells investors in a research note. He lowered his estimates for Q1 "meaningfully," but notes a stronger second half of the year limits the impact on his below-consensus FY18 earnings estimate. The analyst keeps a Buy rating on Ciena with a $28 price target.
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