Shares of networking equipment maker Ciena Corp (NYSE:CIEN) tanked on Friday despite an upbeat fiscal second-quarter report released on Thursday.

Here are some key analyst takeaways:

Rosenblatt Securities analyst Mike Genovese reiterated a Buy rating, while raising the price target from $350 to $720.

Needham analyst Ryan Koontz reiterated a Buy rating, while lifting the price target from $470 to $600.

Check out other analyst stock ratings.

Rosenblatt Securities: Ciena's revenues grew 40% year-on-year and 10% sequentially to $1.57 billion, exceeded estimates by around 4%, Genovese said in a note. Although the company's orders and gross margins were healthy, the figures missed "more bullish expectations that accompanied the stock’s roughly doubling in the three months" from the time the earnings were reported for the previous quarter, he added.

Ciena also raised its fiscal 2026 revenue growth guidance to 34%, from its prior projection of 28%, the analyst stated. There is upside to the stock, given Ciena's projection of its TAM (total addressable market) growing ...