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CIEN Ciena will be $35+ in 4 months $18.23
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[QUOTE]Originally posted by invester: [QB] Nice Citigroup Meets With Ciena Corp Management And Boosts Target Price (CIEN) Tuesday 04/27/2010 3:24 PM ET - Comtex Smartrend(r) Related Companies Symbol Last %Chg CIEN 17.57 -2.50% As of 4:00 PM ET 4/27/10 4/27/2010-Citigroup Equity Research issued a note to clients early Tuesday raising its target price on shares of Ciena Corp (NASDAQ:CIEN) from $18.50 to $25.00 citing "incremental insights from management meetings." Citigroup hosted the company's CFO Jim Moylan for two days and came away with two major points. Citigroup analyst Kevin J Dennean said, "Discussions w/mgt increase our conviction that interim model will prove very conservative. Mgt again emphasized the decisive portfolio & personnel actions taken in early stages of integration. Synergies were not particularly emphasized at Analyst Day, but we believe they will be a significant part of the story going forward in 2H & beyond. We also believe that interim model doesn't fully account for CoreDirector refresh in 2HCY10, with potential for significant positive GM% impact." As a results, Citigroup said the following , "Our estimates increase based on mgt commentary on MEN (where we had been overly conservative), timing of deal close, & slightly stronger overall growth rates as our cycle conviction increases. OpEx estimates also increase, but more importantly, our CY11 EPS/OM% estimate is now $0.93/6.6% vs. prior $0.53/4.9% & add'l upside likely over time. CIEN stand-alone posted multiple quarters ~15% OM% & we have no reason to believe Classic CIEN is now structurally lower." Write to Chip Brian at cbrian@tradethetrend.com [/QB][/QUOTE]
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