Ciena Results Miss Expectations
Ciena Corporation's (CIEN - Analyst Report) FlexSelect platform has been gaining momentum as it allows carriers to transition networks to carrier grade Ethernet, and we believe the acquisition of World Wide Packets will further strengthen its base.
However, the company's sales cycle is lengthening as Tier 1 carriers proceed with caution, given the economic uncertainty. Ciena reported weak Q109 results as customers reduced their spending. The company's cost-cutting efforts will trim operating expenses and provide break-even results in coming quarters.
We maintain our Hold rating on CIEN shares and maintain our 6-month price target to $6.00, given the current macroeconomic conditions.
Priyanka Poddar contributed to this report.
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