Needham analyst Alex Henderson downgraded Ciena to Hold, saying that after a "nice run" supported by reduced competition, strong growth in India, and key contract wins from NTT, it was time to move to the sidelines. The analyst believes that the stock now reflects "a lot of good news" and warns that the management may guide cautiously for 2019 based on tougher comps and expectations of the competition launching a 400G-600G product. Henderson also sees Ciena's valuation at 18-times enterprise value to expected forward EBITDA multiple as "non inexpensive".