Core Insights - Ciena Corporation reported fiscal third-quarter 2025 results that exceeded expectations, with a revenue growth of 29.4% year-on-year to $1.22 billion, surpassing the analyst consensus estimate of $1.18 billion [1] - The adjusted EPS was 67 cents, also beating the analyst consensus estimate of 53 cents [1] Financial Outlook - For the fourth quarter, Ciena expects revenue between $1.24 billion and $1.32 billion, compared to the analyst consensus estimate of $1.21 billion, with an adjusted gross margin of 42%-43% [2] - Following the earnings announcement, Ciena shares fell 0.5% to trade at $116.29 [2] Analyst Ratings and Price Targets - Needham analyst Ryan Koontz maintained a Buy rating and raised the price target from $90 to $130 [7] - Rosenblatt analyst Mike Genovese maintained a Neutral rating and increased the price target from $100 to $127.5 [7] - B of A Securities analyst Tal Liani maintained a Buy rating and raised the price target from $95 to $135 [7] - B. Riley Securities analyst Dave Kang downgraded the stock from Buy to Neutral, raising the price target from $90 to $113 [7] - Stifel analyst Ruben Roy maintained a Buy rating and increased the price target from $100 to $120 [7] - Morgan Stanley analyst Meta Marshall maintained an Underweight rating and raised the price target from $70 to $100 [7] - Argus Research analyst Jim Kelleher maintained a Buy rating and increased the price target from $100 to $135 [7] - Barclays analyst Tim Long maintained an Overweight rating and raised the price target from $102 to $138 [7] - UBS analyst David Vogt maintained a Neutral rating and boosted the price target from $78 to $120 [7] - JP Morgan analyst Samik Chatterjee maintained an Overweight rating and raised the price target from $105 to $140 [7]