Cloud Should Be An Outsized Growth Driver For Ciena Across Fiscal 2025: Morgan Stanley Analyst
Cloud Should Be An Outsized Growth Driver For Ciena Across Fiscal 2025: Morgan Stanley Analyst
Morgan Stanley analyst Meta Marshall upgraded Ciena Corp (NYSE:CIEN) from Equal-Weight to Overweight and raised the price target from $53 to $55.
摩根士丹利分析師Meta Marshall將思科公司（紐約證券交易所：CIEN）的評級從等重升級爲超重，並將目標價從53美元升至55美元。
In CIEN's fiscal second-quarter print, Marshall was slightly more cautious given the challenging fiscal 2024 setup, where he saw a risk to Street estimates that implied a hockey-stick inflection in the year's second half.
在CIEN的第二財季業績中，Marshall更爲謹慎，因爲他認爲困難的2024財年設置使他認爲街頭評估存在風險，這意味着今年下半年存在異常的增長。
However, post-cut to full-year estimates, Marshall noted that the fiscal 2024 model is de-risked at this point, and he re-rated to reflect upside potential in fiscal 2025 as inventory levels normalize.
然而，在削減全年預測後，Marshall指出，2024財年的模型已經在此時降低了風險，並重新評級以反映出2025財年的上行潛力，因爲庫存水平會逐漸恢復正常。
Cloud demand outperforms on the back of share gains / WaveLogic 6 ramp.
雲需求在贏得份額的推動下表現出色/ WaveLogic6推廣。
Marshall expected service provider recovery to be gradual, with inventory levels normalized exiting fiscal 2024, but does see some upside potential from routing exposure if share gains keep pace.
Marshall預計服務提供商的復甦將是漸進的，在2024財年結束時庫存水平將回歸正常，但如果份額增長保持同步，他認爲有一些上行潛力來自於路由曝光。
Cloud should be an outsized growth driver for CIEN across fiscal 2025, driven by continued share gains and the WaveLogic 6 ramp. This will inform his view of the potential upside to estimates next year.
在2025財年，雲應該是CIEN的巨大增長驅動器，受持續份額增長和WaveLogic6推進的推動。這將影響他對明年估值潛力的看法。
Marshall noted room for estimate revisions in fiscal 2025.
Marshall指出，在2025財年，有估值修正的空間。
Broadly, Marshall noted that the service provider demand environment has bottomed and that buyers will be buying ahead of the gradual recovery.
總體而言，Marshall指出，服務提供商需求環境已經觸底，買家將在逐步恢復之前買入。
The analyst also leaned positively on CIEN's exposure to the cloud, both near-term and longer-term, particularly given its strong positioning ahead of the inter-data entry AI opportunity.
分析師對CIEN的雲暴露持積極態度，無論是短期還是長期，特別是考慮到在Inter-data entry AI機遇之前的強勁定位。
Marshall is encouraged by the AI opportunity for DCI, catalyzed by power limitations within data centers forcing traffic outward.
Marshall對於由於數據中心內的電力限制而迫使流量向外傳輸而催生的數據中心互聯（DCI）的人工智能機遇感到鼓舞。
However, this opportunity remains over the coming years rather than in the near term.
然而，這個機會在未來幾年內仍然存在，而不是在短期內。
The analyst believes that the chance for CIEN to gain a share in metro pluggables and maintain a share in DCI systems should present a growth opportunity in the coming years.
分析師認爲，CIEN在城市插件市場中獲得份額並在DCI系統中保持份額的機會，將在未來幾年內帶來增長機會。
Price Action: CIEN shares were trading higher by 4.03% at $47.77 at the last check on Wednesday.
股價表現：根據週三的最新報告，CIEN股票上漲4.03％，報47.77美元。
譯文內容由第三人軟體翻譯。