Ciena (NYSE: CIEN) experienced a nearly 9% drop in stock price on the second trading day of the week after analyst Joshua Buchalter of TD Cowen reduced the company’s price target from $675 to $575 per share. This significant revision occurred ahead of Ciena’s fiscal third-quarter earnings report scheduled for Thursday, September 3.
The adjustment is part of a broader evaluation of the semiconductor sector, which also includes notable companies like Nvidia and Broadcom. Despite the reduced target, Buchalter maintains a buy recommendation for Ciena, citing its long-term growth potential amid current market dynamics in the compute and networking sectors.
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