Ciena price target lowered to $60 from $67 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on Ciena to $60 from $67 and keeps an Overweight rating on the shares. The analyst reduced estimates into next week’s earnings report. Recent discussions with optical equipment vendors highlighted the lackluster recovery in relation to telecom service provider orders and demand, which is pushing out expectations of a recovery into late 2024/early 2025, the analyst tells investors in a research note. The firm says that while Ciena has already lowered expectations for revenues this year, achieving the full-year guide of a revenue decline of 5% at the mid-point will still need a sequential revenue ramp from the trough levels of fiscal Q2 revenue.