Recently, shares of Ciena Corp (Symbol: CIEN) soared past the average analyst 12-month price target of $88.53, trading at $88.68 each. When a stock hits its analyst-set price target, analysts typically face two choices: either downgrade their expectations or increase the target price. How they respond can depend on the company’s recent performance. If Ciena’s outlook appears strong, it may be time for analysts to adjust their targets upward.
Understanding Analyst Predictions
Within the Zacks coverage universe, 15 different analyst targets contribute to Ciena’s average target price. While the average stands at $88.53, opinions vary significantly. One analyst projects a target as low as $60.00, while another predicts $105.00. The standard deviation in these estimates is $12.135.
Market Insights on Ciena Corp
Investors look at the average price target to benefit from a “wisdom of crowds” approach. This method amalgamates insights from various analysts, offering a broader perspective than a single expert’s opinion. With CIEN now exceeding the average target price of $88.53, investors should closely reassess the company’s performance. Are we witnessing just a checkpoint toward even higher targets, or is it time to consider cashing in some profits? Below is a table illustrating the current views from analysts covering Ciena Corp:
| Recent CIEN Analyst Ratings Breakdown | ||||
|---|---|---|---|---|
| » | Current | 1 Month Ago | 2 Month Ago | 3 Month Ago |
| Strong buy ratings: | 6 | 6 | 5 | 5 |
| Buy ratings: | 2 | 2 | 3 | 3 |
| Hold ratings: | 7 | 7 | 7 | 7 |
| Sell ratings: | 0 | 0 | 0 | 0 |
| Strong sell ratings: | 0 | 0 | 0 | 0 |
| Average rating: | 2.07 | 2.07 | 2.1 | 2.1 |
Key Rating Explained
The average rating in the table above ranges from 1 to 5, with 1 representing a Strong Buy and 5 indicating a Strong Sell. This information is sourced from Zacks Investment Research via Quandl.com.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
