CIENA (+) : Thoughts From The Road

研报英文原文证据摘录

CIENA (+) : Thoughts From The Road

EQUITIES

IT HARDWARE

CIENA OUTPERFORMPRICE* USD460.3  TARGET PRICE USD640 (UPSIDE 39%) TARGET 2%PRICE EPS10/26e1% EPS10/27e4%

Thoughts From The Road

Last week, we had the opportunity to host Ciena’s executive team and investors for group meetings23 JUNE 2026

Securities Research Report across Europe, including Marc Graff, CFO; and Patti Trautwein, IR. Investor discussions were

Production time: 05:46* (London time)

focused on the scale across opportunity, competitive dynamics, and the durability of growth and

Research Analysts & Publishing Entities

margin expansion. Additionally, we raise our EPS estimates to reflect Ciena’s recent convertible debt

Karl Ackerman, CFA issuance and term loan repayment. We raise our TP from $625 to $640 on higher estimates.BNP Paribas Securities Corp1

(+1) 415 846 1575

karl.ackerman@us.bnpparibas.com What Happened?

We recently hosted Ciena’s executive team and investors for group meetings across Europe,

Sam Feldman

including Marc Graff, CFO; and Patti Trautwein, IR. The discussions were centered on Ciena’s scale-BNP Paribas Securities Corp1

(+1) 929 758-3460 across opportunity, which we expect to inflect in CY27 with the adoption of multi-rail line systems.

sam.feldman@us.bnpparibas.com Investors were also interested on Ciena’s competitive moat and supply constraints.

Ari Moscona-Skolnik

BNP Paribas Securities Corp1 What To Do From Here

+ 1 917 286 8454 We continue to view Ciena as one of the key beneficiaries of rising data center capex investment.

ari.moscona-skolnik@us.bnpparibas.com

We believe Ciena’s optical line systems and coherent pluggable optics are the industry standard for

scale across networks with several multi-rail line system programs supporting strong growth and