Ciena (CIEN) Stock: $62 Target And Overweight Rating

By Amit Chowdhry ● Jul 25, 2022
  • The shares of Ciena (CIEN) recently received a $62 price target from JPMorgan. These are the details.

The shares of Ciena (CIEN) recently received a $62 price target from JPMorgan. And JPMorgan analyst Samik Chatterjee is maintaining an “Overweight” rating on the shares.

Chatterjee adjusted the rating while taking a defensive stance in the networking and hardware coverage universe as the analyst is seeing increasing signs of the challenging macro feed-into-demand trends. And now Chatterjee is recommending investors look for diversification away from higher risk areas such as enterprise spending along with auto exposure relative to more resilient CAPEX spend from cloud customers as well as telecommunications and cable customers.

Going forward, Chatterjee increasingly expects smartphones and TVs to cycle past trough sentiment with a rebound likely in the out-year driven by replacement cycles. Plus Chatterjee also added Qualcomm to the Analyst Focus List while removing Ciena.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.