Sycamore Jumped As Credit Suisse Upped Rating

Shares of Sycamore Networks

traded higher today after Credit Suisse analyst Paul Silverstein upped his rating on the company to “outperform” from “neutral.” The investment firm also lifted its price target to $31 from $22. Silverstein said the upgrade is driven by the company’s new mobile broadband bandwidth optimization product. He also pointed out that at yesterday’s closing price, SCMR traded at 10% discount to the company’s estimated net cash position of $21.73 a share at the end of 2010. As a result, he believes that traders are getting the operations for less than nothing. SCMR’s shares jumped 9.29% to close at $22.47. Read more