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WR Hambrecht Upgrades Ciena to 'Buy'

WR Hambrecht upgraded Ciena (CIEN) to buy from hold.

Analyst Reginal King says management may leverage stability in carrier capital spending over the next several quarters to reaccelerate revenue growth, cut cash burn, and put the company on the path to profitability. He says management has taken advantage of a downturn in the market to refine its business through organic growth and the successful integration of acquisitions that broaden its product portfolio beyond strength in optical networking.

King notes Ciena maintained its core blue-chip customer base, and added new tier-1 carrier customers. He narrowed the 30 cents 2004 loss estimate to a 26 cents loss, and sees a loss of 11 cents in 2005, as well as breakeven in 2006. He upped the $5 target to $9.

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