Why Ciena Stock Tanked by Almost 9% on Tuesday
An analyst chopped his price target on the AI equipment specialist.
Overview
A significant price target reduction by an analyst was a headwind buffeting Ciena (NYSE: CIEN) on the second trading day of the week. The $100-per-share cut drained optimism for the tech stock, and its price fell by nearly 9% during the day's trading session.
That pundit, TD Cowen's Joshua Buchalter, now believes Ciena's equity is worth $575 per share, well down from his previous fair value assessment of $675. Despite the chop, the analyst maintained his buy recommendation on the veteran tech stock.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.