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Fly News Breaks for October 1, 2019
Oct 1, 2019 | 14:11 EDT
Goldman Sachs analyst Rod Hall reduced his Q1 estimates for Ciena after the company updated its Fall 2019 investor presentation with a new slide on historical seasonality, which he notes was below what he had modeled. However, the company's outlook is unchanged and he keeps his full year revenue estimates roughly unchanged, Hall tells investors. The analyst, who remains positive on Ciena's growth prospects, reiterates a Buy rating on the shares and said today's stock reaction has been overdone. Though he can understand "why prudent investors may want to interpret this as a downtick," Hall said Ciena has not made any changes to its guidance or competitive share position.
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