Trevor Meunier/iStock Editorial via Getty Images Ciena (NYSE:CIEN) is 4.6% higher following an initiation at Buy by Rosenblatt, seeing "sustained product and market leadership" through multiple generations of coherent optical tech at the networking communications company. This is a particularly good time for industry demand," analyst Mike Genovese says. "Telecom & Cloud capex is looking strong and resilient. In fact, the spending backdrop for optical networking is the "best we have ever seen," he says. Capital expenditures are growing at the high end of a typical range of -5% to +5%, and new federal and state broadband stimulus programs - worth 5 to 7 times those of prior programs - have been approved and funded. Ciena is leading on the high end as well, he notes, adding that Ciena's one of the few companies that can spend hundreds of millions of dollars per year on research and development for digital signal processors and photonic integrated circuits. Book-to-bill ratio has been "meaningfully" above 1.0 for the past four quarter, and Genovese expects it to stay above 1.0 even with higher revenue this year. "To us, this suggests the current strong cycle may be sustainable for multiple years." Genovese has set a 12-month price target of $80, implying 32% upside. The stock is moving back above levels it saw after disappointing earnings reported earlier in March.