10:50 AM EDT, 03/11/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month target price by $5 to $55, 24.0x our FY 2024 (Oct.) EPS estimate, a discount to its three-year historical average P/E multiple of 28.1x, reflecting our slower growth outlook. We lower our FY 2024 EPS estimate by $0.62 to $2.29 and trim FY 2025's by $0.48 to $3.19. CIEN reported Jan-Q operating EPS of $0.66 vs. $0.64, $0.18 above the consensus. Jan-Q revenue fell 1.8%, driven by a 5.4% drop in the Optical Networking business and a 6.8% decline in the Routing and Switching business, partially offset by 22.2% growth in Platform Software and Services and a 23.4% increase in Installation and Deployment. While results this quarter demonstrated strong execution as demand for bandwidth remains strong, CIEN faces a number of challenges, including limited visibility into when new orders will materialize as customer inventory levels have remained elevated for longer than expected.