CIENA (CIEN) PT Lifted to $30 at Needham & Company Amid Strong Q2

Needham & Company analyst Alex Henderson reiterated a Buy rating and boosted his price target on CIENA (NYSE: CIEN) to $30.00 (from $26.00) after the company posted strong Q2 results.

Henderson commented, "After lowering guidance on currency last quarter, the strong demand backdrop helped Ciena come in above their guidance band ( and better than they noted on the Cyan acquisition conference call which stated: “at the high end of guidance”). Despite the strength and positive comments on every metric and trajectory, Ciena offers conservative guidance for the July quarter. Ciena noted demand strength across multiple verticals and geographies set the stage for a strong 2H. We are Reiterating our Buy Rating, increasing estimates and increasing our Target Price to $30 from $26."

The firm bumped FY 2015 EPS from $0.96 to $1.22 and FY 2016 EPS from $1.20 to $1.44.

For an analyst ratings summary and ratings history on CIENA click here. For more ratings news on CIENA click here.

Shares of CIENA closed at $24.44 yesterday.

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