Evercore ISI Lifts Rating, Ciena Shares Rebound

Deep News09-21 22:03

Ciena, the high-speed networking equipment provider, saw its shares climb 3.6% on Monday. The move came after investment bank Evercore ISI raised its rating on the stock from "in line" to "outperform," while also boosting its price target from $375 to $550, implying a potential upside of 58%.

The firm believes Ciena's commercial solutions targeting the artificial intelligence sector have further momentum for growth. Analysts noted in their report that the company's optical networking segment, in particular, "is rapidly becoming a critical bottleneck in the AI buildout process," while additional growth avenues exist that could drive margin expansion for the enterprise.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment