Ciena Downgraded: Analyst Cites Telco Spending Slump And Margins Squeeze
Ciena Downgraded: Analyst Cites Telco Spending Slump And Margins Squeeze
The analyst notes that Ciena's telecom revenues are currently 9% below pre-pandemic levels, while North American telco capex is down 8%, indicating limited potential for Ciena to significantly outperform these trends.Ciena Corporation (NYSE:CIEN) shares are trading lower on Monday. JP Morgan analyst Samik Chatterjee downgraded the company to Neutral from Overweight with a price target of $65.
ciena公司（紐交所：CIEN）的股票週一交易下跌。摩根大通分析師Samik Chatterjee將該公司的評級從增持調降至中立，目標股價爲65美元。
The analyst writes that the downgrade is due to current valuations overlooking key factors that limit EPS upside, including constrained telco spending, limited gross margin levers compared to peers, and lower exposure to cloud capital expenditures.
分析師寫道，此次降級是因爲當前估值忽視了限制每股收益上行的關鍵因素，包括受限的電信支出、與同行相比的有限毛利槓桿和更低的雲計算支出曝光。
Chatterjee says that the capex growth outlook for U.S. telcos is muted for 2025, with international telcos also lagging in recovery.
Chatterjee表示，美國電信運營商2025年的資本支出增長前景乏善可陳，國際電信運營商也在恢復方面落後。
The analyst notes that Ciena's telecom revenues are currently 9% below pre-pandemic levels, while North American telco capex is down 8%, indicating limited potential for Ciena to significantly outperform these trends.
分析師指出，Ciena的電信營業收入目前比疫情前水平低9%，而北美電信運營商的資本支出下降了8%，表明Ciena在明顯跑贏這些趨勢的潛力有限。
For FY25, the analyst expects revenue growth to align with the long-term rate of 6%-8%, as telecom spending remains constrained, contrasting with prior years of outsized growth driven by pent-up demand from network underinvestment.
對於2025財年，分析師預計營收增長將與6%-8%的長期增長率保持一致，因爲電信支出仍受限，與之前由網絡投資不足帶來的需求過剩增長的年份形成對比。
This month, Ciena authorized a three-year share repurchase program, starting in the 2025 fiscal year.
本月，ciena授權了一個爲期三年的股票回購計劃，將於2025財年開始實施。
Investors can gain exposure to the stock via SPDR S&P Telecom ETF (NYSE:XTL) and iShares U.S. Telecommunications ETF (BATS:IYZ).
投資者可以通過SPDR標普電信ETF（紐交所：XTL）和iShares美國電信ETF（BATS：IYZ）來接觸這支股票。
Price Action: CIEN shares are down 3.93% at $64.07 at the last check Monday.
價格走勢：CIEN股票在週一最後一次查看時下跌了3.93%，報64.07美元。
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譯文內容由第三人軟體翻譯。