MKM Partners Downgrades Infinera Corp. (INFN) to Sell; All But Lost Largest Customer

MKM Partners analyst Michael Genovese downgraded Infinera Corp. (NASDAQ: INFN) from Neutral to Sell with a price target of $5.50 (from $10.00).

The analyst comments "According to checks, Infinera has all but lost its largest customer CenturyLink (CTL, Not Rated) to Ciena (CIEN, Buy, $31.24, $36 PT) because of concerns with its ability to produce new leading edge DSPs (digital signal processors) every 18-30 months. We believe other customers are probably concerned too. The upcoming 4Q18 and 2019 guidance including Coriant (private) is likely to be disappointing on revenues and margins, in our view."

For an analyst ratings summary and ratings history on Infinera Corp. click here. For more ratings news on Infinera Corp. click here.

Shares of Infinera Corp. closed at $7.09 yesterday.

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