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Fly News Breaks for September 5, 2018
CIEN
Sep 5, 2018 | 08:12 EDT
Argus analyst Jim Kelleher raised his price target on Ciena to $38 and kept his Buy rating after its stronger than expected Q3 results and Q4 guidance. The analyst notes that the quarter was driven by a "healthy bounce-back" in spending by tier-one mobile carriers which helped to support Ciena's margin recovery. Kelleher also states that the company's valuation remains attractive, with the stock trading at a 20.0-times two-year forward PE - below the 5-year historical average of 23.7-times.
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