Bernstein initiates Ciena with 'outperform' on AI prospects

** Bernstein initiates coverage on networking equipment maker Ciena Corporation CIEN.N with "outperform"; PT $440

** PT implies about 24% upside from stock's last close

** Brokerage expects networking and optical companies like Ciena to be structural winners in race to expand AI infrastructure

** "Ciena is likely capped by supply chain constraints in the near-term, but the valuation is undemanding and we believe the stock will start to work as supply chain availability improves" says Bernstein

** Sixteen of 21 brokerages rate the stock "buy" or higher, 5 "hold"; their median PT is $548 - LSEG-compiled data

** Up to last day's close, shares up 51.7% YTD