Jefferies Downgrades Infinera On Valuation (INFN)

Jefferies & Co. is downgrading shares of Infinera Corp.

to Hold from Buy, but is raising its price target to $12 from $9. In the research report, Jefferies writes, "In light of our analysis of the positives / negatives in the story, we're lowering to Hold. We think the fundamentals of the business are very strong right now. We further expect the organization to beat and raise expectations with Q3 results. Nonetheless, we think the shares are fairly valued given the recent run in the stock." Shares of Infinera gained 13 cents on Friday to close at $11.80, a gain of 1.1%.