Jefferies analyst James Kisner says his discussions with the company suggest yesterday's selloff in shares of Oclaro is overdone. In a research note partially titled "Much Ado About Nothing," the analyst recommends using the pullback as a buying opportunity. Oclaro noted that the next deadline for the U.S. Department of Commerce to extend ZTE's relief from trade sanctions imposed in early 2016 is coming up next week, Kisner tells investors. He believes the deadline will likely be a non-event with the most likely outcome being ZTE getting another extension. The analyst says he found Oclaro's commentary around the 5G opportunity in China and worldwide "very encouraging." Kisner keeps a Buy rating on the stock with a $14 price target.