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Technology Stocks : Ciena (CIEN)
CIEN 230.34+9.3%Dec 19 4:00 PM EST
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To: jghutchison who wrote (10383)2/15/2001 4:10:25 PM
From: Kenneth E. Phillipps  Read Replies (2) of 12623
 
No sour grapes intended! However, a word of caution. In less than 6 months, Nortel went from a trailing PE of 125 to a trailing PE of 40. What caused that? Well, their estimate growth rate went from 35% to 30%. My point is that a growth rate of 65% will not sustain Ciena's present PE. The stock price has gotten way out ahead of the value of the stock and there will be an adjustment. I have no doubt that Ciena has a wonderful product. I do question whether they can ramp up production fast enough to keep up with the claimed growth rate.
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