Shares of Ciena (CIEN) are down 7% since May 9, when closest peer Infinera (INFN) reported Q1 earnings and lowered its gross margin outlook due to higher than usual aggressiveness on pricing for new business wins, JPMorgan analyst Samik Chatterjee tells investors in a research note. He believes the selloff in Ciena shares imply investor expectations "are already primed for material impact to earnings estimates, led by the pricing environment." However, Chatterjee says that while Infinera's comments are relevant for Ciena, they are unlikely to directly impact his current earnings estimates. He believes Infinera is likely driving the aggressive pricing in the market place and that Ciena management is unlikely to prioritize market share over margins like Infinera. Chatterjee keeps an Overweight rating on Ciena with a $36 price target and recommends buying the stock on the recent pullback.