UPDATE: Jefferies Downgrades Infinera to Hold on Balanced Risk/Reward

In a report published Monday, Jefferies analyst George C. Notter downgraded the rating on Infinera INFN from Buy to Hold, but raised the price target from $9.00 to $12.00.

In the report, Jefferies noted, “We think the risk/reward on Infinera shares is now balanced. At 1.9x EV/2014 sales – a reasonable premium to the group average. We're inclined to come back to the name on share price dips and/or further evidence of a significantly-better-than-expected top line trajectory.”

Infinera closed on Friday at $11.24.