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BofA Securities has downgraded Ciena from Buy to Neutral due to concerns over its high valuation, reflected in a P/E ratio of 286.6, despite the company's strong revenue growth of 18.79% over the past year. Ciena's fiscal Q4 2025 earnings surpassed expectations, prompting analysts to raise FY 2026 revenue growth estimates to 24%. Various analysts adjusted their price targets, with UBS setting it at $230 and Evercore highlighting Ciena's strategic role in AI infrastructure spending.