On October 1, Ciena rose 3.11% in regular trading, trading at approximately $363.70/share, with turnover of $1.51 billion. The optical communications sector rallied broadly, with peer Lumentum surging 8.33% and Applied Optoelectronics climbing 5.24%.

On the news front, Bernstein initiated coverage of Ciena with an Outperform rating and a $440 price target. The firm also assigned Outperform ratings to several other optical communications names including Lumentum and Coherent, fueling sector-wide strength. This follows Evercore ISI's earlier upgrade of Ciena to Outperform with a $550 target, citing the company's optical networking business as a critical bottleneck in AI infrastructure buildout.

On the fundamental side, Ciena reported fiscal Q3 adjusted EPS of $2.11, a 215% year-over-year increase that significantly beat the consensus estimate of $1.73. Revenue reached $1.67 billion, also above expectations. The company raised its full-year revenue guidance to $6.42 billion, surpassing the Street estimate of $6.34 billion. Morgan Stanley has noted that Ciena expects continued market share gains driven by its technology lead, estimating $12 billion in new data center market opportunities by 2029.

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