Ciena price target raised to $80 from $63 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Ciena (CIEN) to $80 from $63 and keeps an Equal Weight rating on the shares. The firm said that encouraging commentary on cloud and service provider demand drove up its revenue estimates “meaningfully” over the next couple of years, though the follow-through to EPS is more limited. The analyst acknowledged the stronger demand drivers but noted that valuation keeps the firm on the sidelines.