TD Cowen首次覆盖网络通信板块：Arista(ANET.US)等三股获“买入” Lumentum(LITE.US)获“持有”

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智通财经APP获悉，T.D. Cowen近日启动对多家网络通信板块个股的覆盖，给予Arista Networks(ANET.US)、Coherent(COHR.US)、Ciena(CIEN.US)“买入”评级，对Lumentum Holdings(LITE.US)给出“持有”评级。由Sean O'Loughlin领衔的分析师团队在研报中表示：“凭借扎实的底层软硬件设计知识产权，我们认为Arista...

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Cowen近日启动对多家网络通信板块个股的覆盖，给予Arista Networks(ANET.US)、Coherent(COHR.US)、Ciena(CIEN.US)“买入”评级，对Lumentum Holdings(LITE.US)给出“持有”评级。由Sean O'Loughlin领衔的分析师团队在研报中表示：“凭借扎实的底层软硬件设计知识产权，我们认为Arista...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1413582.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0205193047.USD","symbol_name":"SCHRODER ISF US SMALL & MID-CAP EQUITY \"A\" (USD)  ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1413582.html","article_id":"2619621721","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2619621721","pubTimestamp":1773390821,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，T.D. Cowen近日启动对多家网络通信板块个股的覆盖，给予Arista Networks、Coherent、Ciena“买入”评级，对Lumentum Holdings给出“持有”评级。与此同时，Coherent获目标价330美元。T.D. 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Cowen近日启动对多家网络通信板块个股的覆盖，给予Arista Networks(ANET.US)、Coherent(COHR.US)、Ciena(CIEN.US)“买入”评级，对Lumentum Holdings(LITE.US)给出“持有”评级。由Sean O'Loughlin领衔的分析师团队在研报中表示：“凭借扎实的底层软硬件设计知识产权，我们认为Arista有望成为基于以太网横向与纵向扩展交换机的首选供应商。多租户大模型推理部署对技术要求极高，而Arista数据驱动型网络平台，完美适配下一代AI数据中心需求。”该行同时给予Arista目标价170美元。O'Loughlin进一步阐释道：“市场对Arista最大的误读之一，是低估其底层硬件差异化;采用通用芯片，并不代表其硬件缺乏优势。交换机芯片只是整机系统的一环，而Arista深度的软硬件协同设计，使其在过去十多年里，成为微软(MSFT.US)、Meta(META.US)这两大开源网络领军企业的最大客户。”与此同时，Coherent获目标价330美元。随着800G/1.6T产品普及以及共封装光学(CPO)、光电路交换(OCS)规模化部署，公司将持续受益于AI基础设施需求。O'Loughlin指出：“Coherent商业模式的核心优势，在于整合了原Finisar的光模块业务与原Coherent的激光器业务，实现光模块关键零部件垂直整合。重要的是，Coherent不对外销售自研激光器，全部供给自有光模块业务，不足部分再从Lumentum等外部供应商采购。我们看好这一模式，它能大幅缓解市场对激光器产能过剩的担忧——一旦产能过剩，Coherent可直接减少对外采购。”T.D. Cowen给予Ciena目标价425美元，部分原因是公司近期收购Nubis，进一步强化数据中心内部互联能力。O'Loughlin称：“收购Nubis后，我们认为Ciena在横向扩展与纵向升级两大方向均具备明确增长空间。与同行相比，Ciena的独特之处在于其业务为全新增量市场。同业公司既有数据中心内部业务或面临挑战，而横向、纵向扩展对Ciena而言是纯粹的新增增长机遇。”最后，Lumentum获目标价675美元。O'Loughlin坦言：“我们长期看好该公司，但鉴于磷化铟(InP)产品头部厂商大幅扩产，以及需求向连续波(CW)激光器倾斜，我们给予‘持有’评级。晶圆产能扩张叠加产品结构向更小尺寸、更高良率的CW激光器转变，将大幅提升全球InP产业对光模块的支撑能力，商用市场或面临供应过剩压力。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2619621721","isCrawlerRequest":true}