UPDATE: JP Morgan Lowers PT on Ciena Corp from $21 to $12

J.P. Morgan has published a research report on Ciena Corp

lowering the price target. In the report, J.P. Morgan wrote, "We believe that weakening carrier spending creates risk for Ciena guidance as the company reports earnings next Thursday. We are lowering our estimates to reflect this. The silver lining is that overall optical demand remains robust (+15% Q/Q in Q2'11), but this is largely due to strength from Huawei and ZTE in APAC and EMEA in our opinion." J.P. Morgan rated Ciena a Neutral with a price target lowered from $21.00 to $12.00. Ciena closed Thursday at $11.06.