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Ciena Earns an Ugrade at Evercore

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Evercore ISI analysts upgraded Ciena (NYSE:CIEN) to Outperform from In Line in a note Friday, raising their price target to $57 from $52 per share.

The analysts expressed to investors that Ciena is considered a high-value asset available at a reduced price. The upgrade to Outperform is based on the belief that Ciena's recent earnings report has effectively adjusted market expectations, setting the stage for the company to outperform and potentially increase its forecasts during the fiscal year 2024.

The analysts anticipate that growth in cloud and Indian markets could compensate for any potential weaknesses in the North American service provider segment. This could lead to a possible 5% revenue growth in fiscal year 2024, surpassing the current guidance of 1-4%.

Additionally, they see a chance for a gross margin improvement of about 200 basis points, aided by a better product mix and reduced supply chain costs, compared to the company's forecast of around 45% gross margin in fiscal 2024.

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