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BMO Capital Raises Ciena Target Price To $27, Maintains At Outperform

CIENA Corporation NASDAQ:CIEN - BMO Capital Raises Ciena Target Price To $27, Maintains At Outperform

BMO Capital Markets updated its analysis on Ciena Corporation CIEN 1.21% Friday, raising its price target to $27 and maintaining its Outperform rating. Ciena is a global supplier of telecommunications networking equipment.

BMO cited its positive Q3 results as a catalyst for future growth, especially as the company continues to diversify globally. Q3 revenues came in line, but "margins and EPS was better much than expected," said BMO.

This good news is coming amid a challenging spending backdrop in the telecommunications industry. Ciena has also been diversifying its business away from telecommunications customers, with non-telco customers representing 37 percent of revenues, a record for the company.

"We continue to believe that Ciena is set up well for sustained revenue growth as growth in metro optical, submarine, and DCI becomes more evident heading into 2017," said BMO.

Ciena traded at $22.83, down 1.49 percent at time of publication Friday.

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