Morgan Stanley raised its Ciena price objective to $450 from $425 while maintaining an equal weight rating, implying about 32% upside from the stock’s previous close. Ciena shares opened at $339.94 on Thursday. The optical networking company reported quarterly earnings per share of $2.11, beating the $1.73 analyst consensus, while revenue rose 37% year over year to $1.67 billion, above the $1.64 billion forecast. The result compared with year-earlier EPS of $0.35. Analysts hold a Moderate Buy consensus rating, with an average price target of $477. Raymond James and Stifel Nicolaus have targets of $600 and $615, respectively, while CL King and Evercore set targets of $347 and $375. At an investor presentation at Ciena’s Ottawa research and development headquarters, management projected 30% compound annual revenue growth from fiscal 2026 through fiscal 2029, adjusted gross margins near 50%, adjusted operating margins of 32% to 35%, and free-cash-flow margins of about 20% by fiscal 2029. The company also plans to reorganize financial reporting from the first quarter of fiscal 2027 into Optical Systems, Interconnects, Global Services, and Routing and Other. Ciena cited an order backlog of about $10 billion and strong bookings as support for continued demand, and launched Ciena Ventures, a $200 million program focused on AI networking, data-center infrastructure, and optical technology. Insider selling totaled 21,270 shares worth $9.13 million over the prior 90 days, including sales by CEO Gary Smith and CFO Marc Graff. Ciena trades at a price-to-earnings multiple of 75.88, while the consensus target was revised to $512.75. Institutional investors own 91.99% of the shares, and Barclays lowered its target to $475 from $607 while retaining an overweight rating.