Goldman has launched coverage on Level 3 (LVLT +5.7%) and JDS Uniphase (JDSU +0.6%) with Buy ratings, though only the former seems to be benefiting Finisar (FNSR +0.7%) and Ciena (CIEN +0.1%) have been started at Neutral. Regarding Level 3, Goldman likes the impact of the Global Crossing acquisition on the company's balance sheet, and believes it could deliver "sustainable" free cash flow for the first time in its history.
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