BofA Lifts PT on Ciena (CIEN) to $200, Cites Strong Momentum in Networking, Cybersecurity

Ciena Corporation (NYSE:CIEN) is one of the best NYSE stocks to buy and hold for the next decade. On October 20, BofA raised the firm’s price target on Ciena to $200 from $155 and kept a Buy rating on the shares. This announcement was made as the firm believes that the networking and cybersecurity sectors are currently benefiting from strong momentum and healthy fundamentals, as the demand for cybersecurity is supported by growing enterprise security budgets and ongoing technology evolution.

Earlier on October 13, BNP Paribas Exane analyst Karl Ackerman also upgraded Ciena to Outperform from Neutral with an $185 price target, lifted from $120. The firm noted that the company is strongly positioned to benefit from the rising investments being made in data centers. BNP Paribas believes that Ciena’s recent multiple expansion is justified, and given the company’s increasing data center exposure, further earnings upside is ahead

Ciena Corporation (NYSE:CIEN) is a network technology company that provides hardware, software, and services for various network operators in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and India.

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Disclosure: None. This article is originally published at Insider Monkey.