Ciena Corporation (NASDAQ: CIEN) Stock Chart “weekly”
Ciena (CIEN) soared 26% on Thursday after the company posted earnings that beat Wall Street expectations.
Based on its market cycles, we think there is still more upside the stock, even though this move is likely a bit overdone.
Ciena reported earnings per share of $0.48 and total revenue of $865 million, above analyst estimates of $0.41 and $819 million. Management said that they expected Q3 revenue to be in the range of $915-945 million, which also exceeded expectations.
CEO Gary Smith explained that, “With respect to innovation leadership, our competitive position continues to strengthen, particularly given our focused investments in optical packets and Blue Planet Automation software.”
Our attention is focused on the market cycles for CIEN.
We believe the stock is in the rising phase of its current cycle, although it is now hitting its Fibonacci target zone. We think this move is a bit overdone, but $48 is still possible in the near term.
For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our YouTube channel.
Twitter: @askslim
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
