Argus analyst Jim Kelleher raised his price target on Ciena to $53 and kept his Buy rating after its "strong" Q1 beat and a positive outlook for Q2, along with the management's maintained forecast of 20% or more EPS growth over the next 3 years. The analyst also notes that the company looks to be "taking market share in a profitable way and is not experiencing meaningful pricing erosion". Kelleher adds that while the stock has outperformed its peers, it continues to represent "good value" based on its growth profile as it trades in-line with its two-year forward earnings multiple average of the past 5-year period.