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To: Boplicity who wrote (3840)	8/17/2000 5:10:53 PM
From: jhg_in_kc	Read Replies (1) of 13572

RESEARCH ALERT - Ciena price target raised NEW YORK, Aug 17 (Reuters) - PaineWebber said Thursday it raised the price target on shares of Ciena Corp. (NasdaqNM:CIEN - news) to $255 from $175 after the telecommunications equipment maker posted better-than-expected third-quarter profits and revenues. -- said raised the 2000 earnings estimate to 62 cents a share from 58 cents, and raised the 2001 earnings forecast to $1.20 a share from $1.10. -- said raised its 2000 revenue forecast by $28 million to $840 million, and raised the 2001 forecast by $100 million to $1.3 billion. -- said the outlook for future growth at the company has improved as Ciena recorded first sales of the CoreDirector intelligent optical core switch with three customers, and metro DWDM (dense wave division multiplexing) sales picked up. -- said expects gross margins to continue to increase sequentially, helped by higher DWDM shipment volumes and more software content in its next products. -- shares of Ciena closed up 15-15/16 at 179-3/16 on Nasdaq.

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