Sanford C. Bernstein initiated coverage of networking systems provider Ciena Corp. on Wednesday with an Outperform rating. The firm set a $440.00 price target, above the stock’s previous closing price of $354.92.
The move comes as several analysts have grown more bullish on Ciena, citing rising demand for high-capacity networking equipment driven by artificial intelligence and data center expansion. MarketBeat lists Ciena’s consensus analyst rating as Moderate Buy.