As noted earlier, RBC Capital upgraded Ciena to Outperform from Sector Perform. One of the reasons for the upgrade is the firm's belief that the stock's multiple could expand due to the company's recent decision to focus more intently on boosting its margins and cash flow. RBC sees the increased diversification of the company's customers base, its lack of China exposure, and its new DCI products as additional positive attributes. Moreover, the firm thinks that demand for the company's products, as well as its market share and margins, can all rise going forward. Target to $28 from $26.