Ciena Price Target Raised to $550, Shares Rise 1%

BofA lifted Ciena's price target to $550 from $355, maintaining Buy rating, prompting ~1.1% share rise.
Bank forecasts a 28.5%/21%/20% revenue growth over next three years, up from 27.9%/18%/16.5% prior.
Ciena's backlog grew $2 bn to $7 bn, while hyperscaler capex expected to rise 65% YoY in 2026 after 70% rise in 2025.
BofA projects Ciena's 800G ZR pluggable share climbing from ~30% in 2025 to ≥50% in 2026 as market expands tenfold.