Needham assumed coverage and downgraded Infinera to Buy from Strong Buy with a $10 price target. The company is a disruptor in a modest growth market and looks poised to exploit its re-emerging optical innovation leadership after years of operational issues, the analyst tells investors in a research note. Infinera’s total addressable market is set to grow just mid-single-digits, but the company appears likely to achieve steady share gains and operating margin expansion, the firm added.
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