Ciena Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

Author: Avi Kapoor | March 07, 2024 02:20am

Ciena Corporation (NYSE:CIEN) is expected to release earnings results for its first quarter, before the opening bell on March 7, 2024.

Analysts expect the Hanover, Maryland-based company to report quarterly earnings at 48 cents per share, down from 64 cents per share in the year-ago period. Ciena is projected to report quarterly revenue of $1.02 billion, according to data from Benzinga Pro.

On Dec. 7, Ciena reported a fourth-quarter FY23 revenue growth of 16% year-on-year to $1.129 billion, beating the consensus estimate of $1.095 billion.

Ciena shares gained 1.4% to close at $61.96 on Wednesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

• JP Morgan analyst Samik Chatterjee maintained an Overweight rating and raised the price target from $56 to $67 price target on March 5, 2024. This analyst has an accuracy rate of 73%.
• Needham analyst Alex Henderson maintained a Buy rating and raised the price target from $60 to $65 on March 4, 2024. This analyst has an accuracy rate of 81%.
• Evercore ISI Group analyst Amit Daryanani maintained an Outperform rating and boosted the price target from $57 to $63 on Feb. 23, 2024. This analyst has an accuracy rate of 77%.
• B. Riley Securities analyst Dave Kang maintained a Buy rating and raised the price target from $67 to $68 on Dec. 8, 2023. This analyst has an accuracy rate of 75%.
• Barclays analyst Tim Long maintained an Overweight rating and boosted the price target from $59 to $60 on Dec. 8, 2023. This analyst has an accuracy rate of 74%.

 

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Posted In: CIEN