Increased Earnings Estimates Seen for Ciena (CIEN): Can It Move Higher?

Zacks

Ciena Corporation (CIEN) is a fiber optics company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
 
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on CIEN’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Ciena could be a solid choice for investors.
 
Current Quarter Estimates for CIEN
 
In the past 30 days, 2 estimates have gone higher for Ciena with no downward revisions in the same time period. The trend has been pretty favorable too, with estimates increasing from 17 cents a share 30 days ago, to 20 cents today, a move of 17.6%.
 
Current Year Estimates for (CIEN
 
Meanwhile, Ciena’s current year figures are also looking quite promising, with 3 estimates moving higher in the past month, compared to no downward revision. The consensus estimate trend has also seen a boost for this time frame, increasing from 50 cents per share 30 days ago to 55 cents per share today, an increase of 10%.
 
Bottom Line
 
The stock has also started to move higher lately, adding 8% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future.
 
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