173x 2026 earnings valuation implies long-fall risk if AI spend cools.
(cites Morning Star) Sienna (CIEN) screens as badly overvalued versus expected 2026 earnings, with 173x forward earnings and 74x by 2030 setting up downside if AI capex slows.
Morning Star argues CIEN's parabolic move is priced for profits that arrive far in the future, citing 173x 2026 earnings and 74x 2030 earnings. Any hiccup—slower AI spending, more competition, or a data-center buildout slowdown—would leave the stock with significant downside.
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