Zacks Research raised its rating on Ciena Corp. shares to "strong-buy" from "hold." The firm issued this research note on Wednesday. The upgrade reflects a positive shift in the firm's outlook for the networking systems and software company.
The improved rating follows a period of strong performance for Ciena. The company experienced accelerating demand from cloud providers for its high-speed optical networking equipment.
Ciena recently reported better-than-expected quarterly earnings. The company also raised its revenue guidance. It cites a backlog anticipated to surpass $10 billion by the end of its fiscal year.