Ciena named a top idea for 2025 at Jefferies

Jefferies analyst George Notter identifies Ciena (CIEN) as “a top idea for 2025,” based on the thesis that investors still “grossly under-estimate” the impact of AI-based traffic, that the company is the structural long-term winner in optical and that it will benefit from completion of the excess inventory reduction among its Tier 1 customers. The firm maintains a Buy rating and $105 price target on Ciena, saying it likes the “idea of buying the structural long-term winner in the space at a relatively pedestrian forward PE multiple.”