Rosenblatt raised the firm’s price target on Ciena (CIEN) to $75 from $60 and keeps a Neutral rating on the shares ahead of the Q4 report on December 12. The firm says Ciena shares are up over 30% in the last three months as investors are excited about artificial intelligence’s effect on data center interconnect demand, Ciena’s eventual entry into AI datacom, and incremental improvement in U.S. telecom. The analyst expects a slight Q4 beat driven by U.S. telecom and cloud, secondarily. Rosenblatt anticipates Ciena to guide fiscal 2025 to “normal” 6% to 8% revenue growth, but notes that expectations are a little higher. It is “slightly cautious” on the Q4 earnings “since investors appear a little ahead of themselves in the near-term.”
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