Ciena price target raised to $97 from $68 at B. Riley

B. Riley raised the firm’s price target on Ciena (CIEN) to $97 from $68 and keeps a Buy rating on the shares following the Q4 report. The firm believes the company is seeing “signs of a recovery,” especially from North America service providers. As excess inventories have been depleted, service providers are becoming more active, reflected in strong orders in fiscal Q4, the analyst tells investors in a research note. Riley says Ciena expects cloud to remain strong in fiscal 2025 and beyond.