Why Ciena Stock Popped 5% on Monday
Ciena (NYSE: CIEN) stock ran up 4.9% through 10:10 a.m. ET Monday after investment bank Citigroup switched from sell to buy on the stock this morning, and raised its price target to $68.
Capital spending by North American telecommunications companies is likely to end 2024 down 3% from 2023 levels, explained the analyst. But in 2025, that trend should reverse to show 3% growth in capital spending.
More details on the upgrade: Ciena stock has been suffering from a supply glut of telecom equipment that's weighing on sales and depressing profits. Last quarter, Ciena's sales slid 12% year over year, while earnings cratered 52%.
Source Fool.com
Ciena Corp. Aktie
335,80 €
-0,36 %
Deutliches Buy-Überwiegen bei Ciena Corp. im Vergleich zu Sell-Einschätzungen.
Die Community prognostiziert für Ciena Corp. ein Kursziel von 372 €, was einen leichten Anstieg gegenüber 335.8 € darstellt.
