DJ Ciena Up -3: Company Says It Has No Announcements >CIEN
10 Apr 15:14
Ciena spokesman Aaron Graham said he had "no particular insight" into the
stock's advance Monday and Tuesday. "We haven't announced anything today," he
said.
Analysts, however, weren't waiting for news from the company to issue
favorable opinions on the stock.
Raj Srikanth of Deutsche Banc Alex. Brown reiterated his buy rating on Ciena
Monday morning. "I visited with them Friday and came away with the strong
conviction that they have a solid case for their business outlook," he said
Tuesday. "They have established themselves as the unquestioned leader in
optical switching."
Srikanth pointed to Ciena's "tremendous market share" as a key factor in his
favorable view. "I believe they are the best-positioned optical networking
company in the world," he said.
Such praise was echoed Tuesday morning by analysts Nikos Theodosopoulos and
Ruben Roy of UBS Warburg. Their report on Ciena said, "We continue to view
Ciena as one of the best fundamental stories within the telecom sector."
Investors responded enthusiastically Tuesday to the flurry of positive
reports. Ciena's stock recently traded up $7.76, or 21%, to $44.50 on volume of
33.9 million shares, compared with average daily volume of 22.7 million.
-By Michael Buettner, Dow Jones Newswires; 804-698-7385;
Michael.Buettner@dowjones.com
(END) DOW JONES NEWS 04-10-01
03:14 PM |
