The firm cited strong second quarter earnings, which beat analysts' estimates.
Last week, the global supplier of telecommunications networking equipment, software and services reported revenue of $621.9 million, or 35 cents per share for the second quarter of 2015, compared to revenue of $560.06 million, or 17 cents per share, in the same quarter last year.
Analysts at Citigroup expected the company to report revenue of $615 million, or 30 cents per share this quarter.
The firm raised its price target "taking into account Ciena's mid to high single digit rev growth balanced by potential margin improvement," according to the analyst note.
On Friday, shares closed at $25.
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 revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."