UPDATE: Jefferies Upgrades Ciena Corporation to Hold on Balanced Risk/Reward

Jefferies raised its rating on Ciena Corporation CIEN from Underperform to Hold and increased its price target from $10 to $14.50. Jefferies commented, "While we remain concerned about longer term profitability and declining legacy products, we acknowledge that the stock can continue to work near term. In total, we see the current risk/reward in the stock as balanced. Hence, we're upgrading to a Hold." Ciena Corporation closed at $15.99 on Friday.