• The company manages to escape the cyclical nature of many of its end markets, allowing the shares can trade at a higher multiple compared to many of its peers.
• It does this through acquisitions, diversification, and gaining market share.
• We do see upside, but markets have to calm down before that materializes as there are also some risks.

Source: Ciena: Success Breeds Success – Ciena Corporation (NASDAQ:CIEN) | Seeking Alpha