JPMorgan analyst Samik Chatterjee names Ciena (CIEN) and Lumentum (LITE) his top Networking Equipment picks into the Q1 reporting season. The analyst is a buyer of both stocks into the prints. Following the rallies year-to-date, investors might need to be more selective relative to opportunities for further share price upside heading into earnings, Chatterjee tells investors in a pre-earnings research note. He believes the overall capital expenditure environment remains positive and that momentum into 5G investment spend appears to be building, particularly in North America. This is likely provide greater visibility to companies relative to their already stated full-year targets, says Chatterjee. However, with investor optimism around 5G infrastructure investment as well as the positive impact on growth from a potential U.S.-China trade deal, the analyst expects share price performances to be largely muted on the back of Q1 earnings. Nonetheless, he sees upside opportunity in both Ciena and Lumentum. Chatterjee also reinstated coverage of CommScope (COMM) and upgraded the shares to Overweight from Neutral, upgraded Viavi Solutions (VIAV) to Neutral from Underweight, and downgraded Sensata (ST) to Neutral from Overweight. A further multiple re-rating of Sensata shares appears unlikely in an environment of moderating auto production this year, contends the analyst.