10 AI Stocks Taking Wall Street by Storm

6. Ciena Corporation (NYSE:CIEN)

Number of Hedge Fund Holders: 40

Ciena Corporation (NYSE:CIEN) is a leading provider of networking systems and software. It specializes in optical and routing systems, services, and automation software. On December 13, Bank of America upgraded Ciena Corp (NYSE:CIEN) to “Buy” from Neutral, lifting its price target to $95 from $70. The rating was due to stronger long-term growth prospects. The firm cited steady demand from North American service providers as well as increased orders from hyperscalers as the driving force for more advanced networking equipment. The firm anticipates better-than-expected growth for the networking company.

“However, trends are turning out better than we expected, with stabilizing demand at North American Service Providers (SPs), and Hyperscalers’ AI bandwidth needs driving accelerated order momentum”.