12:35 AM EDT, 06/10/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We cut our 12-month target price by $5 to $50, 17.4x our FY 25 (Oct.) EPS estimate, a discount to its five-year forward average P/E at 18.6x, reflecting our slower growth outlook and challenging market conditions. We lower our FY 24 EPS estimate by $0.32 to $1.97 and FY 25's by $0.31 to $2.88. CIEN reported Apr-Q operating EPS of $0.27 vs $0.74, $0.16 above the consensus. Apr-Q revenue decreased 19.6%, driven by a 28.6% drop in Optical Networking, an 11.0% decline in Routing and Switching, and a 30.1% fall in Blue Planet Automation Software and Services, partially offset by 23.1% growth in Platform Software and Services. In the near term, while CIEN is seeing signs of improvement, the recovery of service provider order patterns is still slower than initially expected as they continue to absorb and deploy large amounts of their inventory.