Ciena Corporation (CIEN) was in focus Friday after Wall Street analysts updated their price targets following the company's Sept. 16 Investor Forum in Ottawa, Ontario.

The revisions followed Ciena's new fiscal 2029 targets, which call for revenue growth and margin expansion.

Wall Street Reacts To 2029 Outlook

Barclays raised its price target to $548, while Morgan Stanley lifted its target to $450. Rosenblatt maintained its $525 target.

The company carries a Buy rating with an average price target of $509.86.

Ciena Targets 30% Revenue CAGR

Ciena expects revenue to grow at about a 30% compound annual rate from fiscal 2026 through 2029.

The company also targets an adjusted gross margin of about 50%, an adjusted operating margin of 32%-35%, and a free cash flow margin of roughly 20%.

Ciena said the targets reflect growing customer demand, expanding supply capacity and new addressable markets.

Beginning in fiscal 2027, Ciena will report under four segments: Optical Systems, Interconnects, Global Services, and Routing and Other.

“The three-year financial targets announced today reflect both the opportunities we see ahead and our confidence in our ability to execute,” CFO Marc Graff said.

CIEN Technical Outlook

Despite Friday's gain, CIEN remains below its major short-term moving averages. Shares were 2.4% below the 20-day SMA and 9.5% below the 50-day SMA.

The stock was also 9.4% below its 200-day SMA. RSI stood at 45.31, signaling neutral momentum rather than an overbought or oversold setup.

The 20-day SMA remains below the 50-day average, indicating near-term weakness, while the 50-day SMA remains above the 200-day average.

Key resistance sits near $416, while support is around $323.50.

CIEN ETF Exposure

Ciena carries a 3.37% weight in the Corgi Lithography & Semiconductor Photonics ETF (EUV), 3.29% in the Nuveen ESG Mid-Cap Growth ETF (NUMG), and 1.01% in the Schwab U.S. Mid-Cap ETF (SCHM).

ETF inflows or outflows can therefore contribute to passive buying or selling in CIEN.

CIEN Stock Price Activity: Ciena shares were up 2.08% at $351.40 at the time of publication on Friday, according to market data.