NEW YORK (TheStreet) -- Shares of Ciena (CIEN) are gaining 1.01% to $24.64 in Friday's pre-market trading session after analysts at MKM Partners increased their price target to $29 from $27 and reiterated their "buy" rating.
The firm cited strong fiscal second quarter 2015 earnings.
Yesterday, the global supplier of telecommunications networking equipment reported revenue of $621.6 million, or 35 cents per share, compared to revenue of $560.1 million, or 17 cents per share for the same quarter last year.
The company was expected to report revenue of $606.53 million, or 23 cents per share this second quarter, according to analysts polled by Thomson Reuters.
"This performance also reflects our industry-leading ability to deliver open, on-demand, software-driven networks for an increasingly diverse set of customers across the globe," CEO Gary B. Smith said.
Separately, TheStreet Ratings team rates CIENA CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CIENA CORP (CIEN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."