Shares of network strategy and technology company Ciena (CIEN) were down nearly 5% Wednesday afternoon after the company was downgraded to "hold" from "buy" by analysts at Barclays a week ahead of its second quarter earnings release.
The firm believes that the strength of the company's cloud business will be offset by weak margin trends in Europe and Latin America. The firm cut its price target to $24 from $28.
Barclays is also leery of the stock's post-earnings volatility. The stock has averaged a one day post-earnings move of 13.2% over the past six quarters.
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