Key Takeaways July 8, 2025 04:05 AM GMT Telecom & Networking Equipment | North America The Optics of Multiple Expansion We have been more reserved on optical valuations given competitiveness of space relative to other AI opportunities. With optical names trading at meaningful premiums to historical multiples, we look at margin health behind revenue trajectories. Downgrade CIEN to UW given lack of margin upside in NT. Outlook is bright in optical, but need to be mindful of margins. Inside or outside the data ...