UBS Financial upgraded Ciena (CIEN ) to neutral from reduce.
Analyst Nikos Theodosopoulos says he believes Ciena, together with SI International, is on the short list for a significant long-haul opportunity with MCI valued at $200 million over two years. He believes Ciena is also on the short list for the long-haul transport component of global information grid bandwidth expansion (GIG-BE), which he estimates has a value of $150 million over two years.
Given the likelihood that Ciena wins a portion of the MCI opportunity, he added $52 million to his calendar 2004 revenue estimate, bringing it to $501 million. He sees a 39-cent fiscal 2003 (Oct.) loss, and narrowed the 18-cent fiscal 2004 loss per share estimate to a 16-cent loss per share.