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Tellabs (TLAB) shares are getting a lift this morning from Morgan Keegan analyst Simon Leopold, who boosted his rating on the telecom equipment company to Outperform from Market Perform.

Leopold asserts that a combination of an improving data networking business and increasing optical products margins  can yield better-than-expected profits. He lifts his 2009 EPS estimate to 26 cents from 25 cents; for 2010 he goes to 32 cents from 22 cents.

Tellabs (TLAB) after the close yesterday announced that its board plans to buy back up to $200 million of its common shares over the next four quarters under a previous stock repurchase authorization. That would be about 8.6% of the company’s outstanding shares.

<!---->In a statement, CEO Rob Pullen said that “in light of Tellabs’ success with growth products and positive cash flow, now is the right time to resume stock repurchases.”

Tellabs (TLAB) announced in an SEC filing yesterday afternoon that it will cut 150 jobs as part of a restructuring intended to “align our costs with customer spending and current market conditions.” The networking equipment company said the moves will be completed by the end of its 2010 second quarter.

TLAB said it will take pre-tax charges of $5 million to $6 million for the workforce cuts.

TLAB this morning is down 10 cents, or 1.8%, to $5.42.

Tellabs (TLAB) shares are trading lower Thursday after Barclays Capital analyst Jeff Kvaal cut his rating on the telecom equipment company to Equal Weight from Overweight. He keeps his $6.50 target on the stock, which yesterday closed at $5.24.