MKM Partners analyst Michael Genovese raised his price target on Ciena to $45 after its "strong" Q4 results, saying the stock is a "must own" in the communications equipment sector. The analyst cites the company producing "another record quarter for orders, with book-to-bill well above 1.0", along with a 12% increase in its backlog in Q4, while its FY18 top-line grew by 10% in a market where revenues grew by mid-single digits. Genovese keeps his Buy rating on Ciena, stating that its market share gains are driven by its "best technology" and trust from its Tier 1 customers.