We maintain our Neutral industry view on the group, though we are leaning more positive with our ratings distribution. We upgrade GLW, JNPR and CASA from Equal Weight to Overweight, and downgrade HPQ from Equal Weight to Underweight. Most of our coverage was negatively impacted by Covid-19, though a few companies benefited from WFH/LFH. We expect 2021 first half fundamentals to favor Covid-19 plays, while the second half could pivot to return-to-work names. 

Ratings Changes: We are upgrading GLW, JNPR and CASA to Overweight from Equal Weight and raising price targets on each. On GLW we see strength across businesses, with Display the most favorable near term. We expect WLAN, metro routing and Cloud to provide upside for JNPR. We like the diversification, execution and operating leverage at CASA. We are downgrading HPQ to Underweight from Equal Weight. Though the stock and fundamentals have benefitted from WFH dynamics, we see secular headwinds in both the PC and Printing businesses from 2021 onward.