Jefferies Maintains Underperform on Ciena

Jefferies is out with its report today on Ciena (NASDAQ: CIEN), maintaining Underperform.

In a note to clients, Jefferies writes, "Ciena held its Analyst Day in New York. We remain concerned that Ciena will be unable to generate the attractive revenue growth and operating margins that many investors are expecting. Industry structure and a significant component of sales from legacy products remain inhibitors in this regard. We recommend investors use the shares as a source of funds."

Jefferies maintains a $16 PT on CIEN.

Shares of CIEN closed Wednesday at $18.11, down 3.98% from Tuesday's close.