Nortel Networks

(NT)

rose 3.6% in early trading after

Merrill Lynch

TheStreet Recommends

said in a research note that the recent selloff in the stock is an overreaction. Analyst Thomas Astle said the company has minimal exposure to the euro and the revenue weakness reported last week by

Intel

(INTC) - Get Intel Corporation (INTC) Report

does not apply to Nortel's business. Nortel is down more than 20% this month.