Ciena Stock Goes to Buy From Sell at Citi. Here's Why. -- Barrons.com

Dow Jones09-24

By Emily Dattilo

Shares of Ciena were trading higher after Citi double upgraded shares of the optical networking equipment company, arguing a return to growth is ahead.

Analysts led by Atif Malik upgraded Ciena to Buy from Sell, raised their forecast for earnings per share, and boosted their target for the stock price to $68 from $44.

Ciena stock was up 4.6% to $61.43 in Monday trading. This year, shares have risen 36%.

As inventories of equipment decline and demand improves within the telecommunications and cable sector, growth is likely to return to percentages in the mid to high single digits in fiscal 2025, according to the analyst team.

There will be opportunities for Ciena to benefit from artificial intelligence, but networking equipment peers Arista Networks and Coherent may reap those rewards sooner.

That being said, Ciena is still a winner.

"We believe investor rotation into the networking equipment group out of semis/hardware in the next six months and healthy cloud demand will be supportive of FY25 growth," the analyst team added.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

September 23, 2024 12:15 ET (16:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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