Piper Jaffray Reiterates Overweight, $14 Target on JDS Uniphase

Piper Jaffray maintains its Overweight rating and $14 target price on JDS Uniphase

as FQ@ preview yields upside expectation in Optics. Piper Jaffray says, "We believe JDSU's guidance for the CCOP segment was overly conservative given the unknowns from the Thai flood recovery, but our checks indicate Fabrinet's Pinehurst facility ramped up significantly faster than expected. We believe this could provide about $15-20M of upside for the CCOP segment. We also expect ROADMs and T-XFPs to grow q/q, as indicated by the strong q/q bookings growth in FQ1 (ROADMs +25% and T-XFPs +70%)." JDSU closed at $12.84 a share on Friday.