CIEN - Analyst Cautions On Ciena's Short-Term Hiccups But Says Long-Term Growth Prospects Outweigh | Benzinga
Needham analyst Alex Henderson reiterated a Buy rating on Ciena Corporation (NYSE: CIEN), lowering the price target to $50 from $60.
Ciena lowered expectations on the April-quarter print in late May, noting Service Providers and Cloud customers were pushing out delivery schedules.
The analyst notes that service Provider inventory corrections have put a damper on the solid growth at Ciena.
Henderson thinks this will take a few more quarters to play out likely seeing a recovery in Ciena's April quarter FY2Q24.
Going ahead, the analyst thinks Ciena will offer even more conservative guidance when it prints July-quarter results.
However, supply Chain improvements allowed ...