UPDATE: J.P. Morgan Upgrades Ciena; Raises PT - Ciena (NYSE:CIEN)

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According to a research report published this morning, J.P. Morgan has upgraded Ciena (NASDAQ: CIEN) from Neutral to Overweight, and has increased PT from $15 to $20.In the report, J.P. Morgan said, “We expect sluggish CapEx throughout H1'12, but we recommend investors build positions in Ciena ahead of better expected service provider CapEx in H2'12 and a 100G optical upgrade cycle that is set to begin in Q4'12 and accelerate through 2013. We see new systems based on Ciena's new WaveLogic3 coherent optical processors as additional catalysts for further growth. CIEN joins CSCO and ERIC as a preferred way to participate in our more positive carrier spending thesis.”Ciena closed yesterday at $16.29.

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