BUZZ — Bernstein initiates Ciena with 'outperform' on AI prospects

* Bernstein initiates coverage on networking equipment maker Ciena Corporation 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 (Reporting by Sudeshna Ghoshal in Bengaluru) ((Sudeshna.Ghoshal@thomsonreuters.com;)