Ciena Corporation's (CIEN) stock experienced a significant pre-market surge of 5.32% on Tuesday, driven by a positive analyst action from JPMorgan.
JPMorgan analyst Samik Chatterjee upgraded Ciena's rating to Overweight from Neutral, citing the recent pullback in the stock due to concerns surrounding the company's DeepSeek technology. Chatterjee also raised the price target on Ciena to $88, up from the previous target of $84.
The upgrade and increased price target reflect JPMorgan's optimism about Ciena's growth prospects, despite the recent concerns related to DeepSeek. With this positive analyst action, investors responded favorably, propelling the stock higher in the pre-market trading session.
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