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Shares of Infinera Corp. INFN, -9.53% are down 8.6% in Tuesday trading after Jefferies analyst George Notter downgraded the stock to underperform from hold. "In our view, the current valuations already reflect the upside case for the business," he wrote. "Moreover, we're still concerned that their pace of innovation is running behind the industry - even with the release of the ICE4 products and their revamped two-year product iteration strategy." On a competitive level, Notter is worried about recent management commentary on price competition, which makes him think that the maker of optical transmission equipment is "not on the leading edge of price/performance." Shares are down 11% over the past 12 months, while the S&P 500 SPX, -1.29% has gained 12%.