Ciena price target raised to $84 from $65 at JPMorgan

JPMorgan raised the firm’s price target on Ciena (CIEN) to $84 from $65 but keeps a Neutral rating on the shares after its Q4 results and guidance. The investments from Cloud customers, and from Telecom and MOFN – Managed Optical Fiber Networks – looking to leverage the opportunity around investments in interconnects, along with increasing revenue contribution from adjacent market opportunities the company has been investing towards, is leading the company to issue a medium-term guide which implies a sustainably higher growth rate of 8%-11% relative to the 6%-8% growth rate in the past, the analyst tells investors in a research note. The firm adds however that while the updated growth expectations are “robust and better than expected”, they also raise certain questions around both visibility and opportunity for further upsides.