Ciena stock is nearing its March record highs
Ciena Corp (NYSE:CIEN) stock is on the rise today, up 4.2% at $61.18 at last glance, after a rare double upgrade from Citigroup. The firm raised its rating to "buy" from "sell," with a price-target hike to $68 from $44, as analysts grow increasingly optimistic toward the networking stock and its growth potential.
Today's pop has CIEN breaking above recent pressure at the $59 region, and nearing its Mar. 4 record high of $63.24. Since the start of 2024, the equity is up more than 36%.
Of the 17 analysts in coverage, five still carry a "neutral" rating on the stock. More price-target hikes could be on the way, as the 12-month consensus price target of $61.93 sits at a slim premium to current levels.
Meanwhile, short interest has been building, up 30.5% in the last month, and now represents 4% of the stock's available float. It would take shorts nearly four days to cover their bets, at Ciena stock's average pace of trading.