Ciena’s Push To Grab Market Share Will Impact 2018 Gross Margin; Lowering FVE to $24
Ciena’s fourth-quarter fiscal 2017 results were better than expected on the top line, but gross margin was weak. It appears that Ciena was able to unseat incumbent vendors and win some new customers at the cost of near-term gross margin compression, which is expected to persist well into fiscal 2018. The company provided a long-term revenue guidance of 5% to 7% annual growth, which implies a modest market share gain over smaller players. Taken altogether, we have reduced our fair value estimate ...Ciena is a networking systems, services and software company, providing solutions that enable a range of network operators to deploy and manage networks that deliver services to businesses and consumers. The company provides hardware, software and services that support the transport, switching, aggregation, service delivery and management of video, data and voice traffic on communications networks. The company's solutions are used by communications service providers, cable and multiservice operators, Web-scale providers, submarine network operators, governments, enterprises, research and education institutions and other network operators.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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