BNP Paribas维持Ciena跑赢评级并建议逢低买入，但股价已从52周高点暴跌50%

Despite reporting better-than-expected results and guidance earlier this week, shares of Ciena ( CIEN ) sold off. Investment firm BNP Paribas said investors should use the dip in the shares of the optical networking firm as it appears “primed for growth.” “Ciena is implementing price increases ranging from high-single digits to low-20s, which we think will primarily impact FY28 results,” BNP Paribas analyst Karl Ackerman wrote in a note to clients. “We believe the ramp of Hyper-Rail RLS starting in CY27 is an additional margin tailwind. Ciena continues to drive strong leverage with FQ4 [operating margin] guided to 20% and expected to reach 26% in FY27 (333 bps above).” Ackerman has an Outperform rating and a $640 price target on Ciena, or roughly 80% higher than current levels. Delving deeper, Ackerman said it's plausible that Ciena obtains a 70% share of the reconfigurable line system market, and the company is executing well, as it shipped more than twice the volume of the 800G ZR pluggables compared to the second quarter. The company also received sample orders for its Vesta CPX optical engine, which supports co-packaged optics. “We believe Ciena can sustain over 30% revenue CAGR through CY29 with EPS approaching $24, or 3x CY26 levels,” Ackerman added. Ciena's shares rose more than 1% on Friday.