Why Ciena Stock Popped 5% on Monday

Priced at 30 times free cash flow and a P/E ratio twice that, Ciena stock remains expensive -- no matter what Citigroup says. Ciena (CIEN 4.02%) stock ran up 4.9% through 10:10 a.m. ET Monday after investment bank Citigroup switched from sell to buy on the stock this morning, and raised its price target to $68. Capital spending by North American telecommunications companies is likely to end 2024 down 3% from 2023 levels, explained the analyst. But in 2025, that trend should reverse to show 3% growth in capi ...