UPDATE: Jefferies Downgrades Infinera on Valuation

In a report publsihed on Monday, Jefferies analyst George C. Notter downgraded

from Buy to Hold and raised the price target on the company from $9 to $12. In the report, Jefferies stated, "There's no denying that current business trends at Infinera are very good right now. On the Q1 EPS conference call, CEO Tom Fallon noted that the pipeline of potential customer additions / RFP processes remains “robust.” These statements are now embedded in the current psychology around the stock as well as forward-looking expectations." Infinera closed on Friday at $11.24.