Ciena price target raised to $95 from $80 at Needham

Needham raised the firm’s price target on Ciena (CIEN) to $95 from $80 and keeps a Buy rating on the shares. The company reported a “mixed” Q4 with an earnings miss and a revenue beat, while its strength in Webscale – up 50% from Q3 – befitted from share growth in 400ZR, the analyst tells investors in a research note. Strong execution paired with best-in-class technology and customer relationships should see Ciena continue to gain meaningful market share in its core total addressable market, even though the firm is less bullish on its two new product segments, Needham added.