Ciena Corp ( CIEN ) generated "impressive" earnings growth on record orders and strong operating leverage, according to Rosenblatt Securities.

The Ciena Analyst: Analyst Mike Genovese reaffirmed a Neutral rating, while raising the price target from $100.00 to $127.50.

The Ciena Thesis: The company's third-quarter revenues grew 29% year-on-year and 8% sequentially, coming in higher than Rosenblatt Securities’ estimate by around $50 million, Genovese said in the note.

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Ciena reported record high quarterly orders, driven mainly by strong Hyper Scale and NeoScale orders, he added.

The company's gross and operating margins were both "ahead of our model" and operating earnings was more than 20% higher, the analyst stated. Management raised their 2025 revenue growth guidance to around 17% and indicated that the 2026 revenue growth would be similar, higher than consensus of 11%, he said.

Ciena’s large orders provide visibility to growth well into 2026, while "the company’s pipeline and expansion into new markets suggest the teens growth rate is likely to continue into FY27," Genovese further wrote.

CIEN Price Action: Shares of Ciena had declined by 1.73% to $114.88 at the time of publication on Friday.

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