UPDATE: JP Morgan Upgrades Infinera to Neutral

JP Morgan raises its rating on Infinera

to Neutral from Underweight and raises its price target to $8, up $1, as DTN-X nears reality and downward earnings momentum slows. JP Morgan says, "We are upgrading Infinera to Neutral as the company's 100G DTN-X inches closer to reality. As encouraging as four Tier 1 carrier trials may be, however, we believe that it is a long road from lab trial to full deployment. We believe we're near the end of downward earnings revisions, but would like to see margins and earnings recover before turning more positive on the stock. To get more constructive from here we would also like to see a Tier 1 DTN-X customer announced or at least some evidence that the probability of that happening is high." INFN closed at $7.31 a share on Thursday.