Shares of Infinera Corp. are down nearly 3% in Monday morning trading after J.P. Morgan's Samik Chatterjee downgraded the stock to underweight from neutral. The stock is nearing an all-time closing low. Shares closed at $3.03 on May 20. "We see a heightened level of near-term and medium-term risks from the much more moderate level of capex spending from cable customers, in addition to the already existing long-term risks relative to the acquisition," he wrote. Infinera acquired Coriant late last year. "The near-term risks relative to moderating cable capex will likely drive Infinera to return to profitability and cash flow generation later than currently guided to by the company, and increase the medium-term risks relative to materially underperforming stated (gross) margin targets, led by a much lower scale of revenues than anticipated at the time of the acquisition," Chatterjee said. Infinera shares have fallen 24% so far this year, as the S&P 500 has risen 10%.