UPDATE: Jefferies Lowers PT on Tellabs from $4.00 to $3.75

Jefferies reiterated a Hold rating on Tellabs TLAB and lowered its price target from $4.00 to $3.75. Jefferies commented, “Tellabs reported Q2 results that were roughly in-line with expectations and provided Q3 guidance that was slightly below Street expectations. Given how soft the macro environment seems to be (especially for companies with significant amounts of legacy revenue) we had expected much worse.” Tellabs closed at $3.33 on Friday.