Shares of networking technology maker Ciena  (CIEN) - Get Report were up nearly 5% in early morning trading Monday after analysts at Stifel Nicolaus upgraded the stock to "buy" from "hold" while also raising its price target to $28 from $24.

The price target represents a potential 22% upside from the stock's previous closing price of $22.95. 

The firm believes that the company's geographic and portfolio diversity, as well as low exposure to the Chinese market and the possibility of branching out into new markets, will act as catalysts for Ciena going forward. 

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