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.

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

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.

While we acknowledge the potential of CIEN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CIEN and that has 100x upside potential, check out our report about this cheapest AI stock.

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