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Technology Stocks : Ciena (CIEN)

CIEN 233.87

-1.9%

Dec 31 4:00 PM EST

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To: Luke G. who started this subject	5/23/2001 8:29:19 AM
From: jghutchison	Read Replies (1) of 12623

W.R. Hambrecht & Co. 05.23.01 cien: AT&T Contract Completes Grand Slam—Major Contracts for All Four Key Products in Last Two Weeks With the announcement of a major (i.e., $100 million plus) contract with AT&T yesterday, CIENA added to a remarkable two-week period in which the company has announced major contracts with major carriers for every one of its key product lines and obliterated quarterly earnings expectations. Despite this extraordinary demonstration of the strength and breadth of the company’s product line, as well as the resultant financial performance, the shares' reaction has been relatively muted, in our view. CIENA continues to remain our top investment idea in the optical networking market. We believe the Company embodies the most favorable aspects of both emerging and established networking vendors and offers the most attractive exposure to increasing investments in optical networking by carriers around the world as evidenced by the Company’s strong, diverse, customer base, best-of-breed product offerings and reasonable valuation. We reiterate our Buy rating and $120 price target.

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