Analyst target prices swung dramatically this week, with networking and storage names drawing the most attention.
CIEN saw the boldest move. B. Riley Securities analyst Dave Kang nearly doubled his price target to $531 from $283. The rating stayed at Hold, but the 88% target jump signals a big reassessment of the optical networking firm. Ciena carries a market cap above $80 billion and SI % FF of just 3.2% — bears are not a major presence.
Storage stocks also attracted upgrades. Analysts lifted targets on both WDC and STX, with Western Digital now carrying a consensus target above $526. Western Digital's SI % FF sits at 8.8%, suggesting some short sellers remain skeptical despite the bullish tone.
HPE got a split verdict. Evercore ISI's Amit Daryanani raised his target to $70 from $40 and moved to Buy. But separately, the consensus saw a recommendation removed, leaving the picture mixed. HPE's short interest is modest at 4.4% of free float.
FDX stood out on the downside. B of A's Ken Hoexter cut his FedEx target sharply to $376 from $440 — a $64 drop — while keeping a Buy rating. That gap between maintained optimism and a falling target tells a cautious story on the logistics giant.
MDT saw its consensus target edge down to $105.76 from $106.56.
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