Why Ciena Stock Tanked by Almost 9% on Tuesday

Ciena stock fell nearly 9% after TD Cowen analyst Joshua Buchalter reduced his price target by $100 per share from $675 to $575, citing timing concerns around the company's growth prospects. Despite the cut, Buchalter maintained his buy rating, noting the stock's weakness creates an attractive entry point ahead of the company's fiscal Q3 earnings on September 3.