UPDATE: Miller Tabak Raises Target to $17 on JDS Uniphase

MIller Tabak reiterates its Buy rating on JDS Uniphase

and raises its price target to $17 from $15 a share as it believes the overall sector has reached a bottom and is poised for gains despite product risk concerns. Miller Tabak notes, "Historically, the time to Buy Optical component stocks is coming out of an inventory correction, when supplies are suddenly tight and demand is improving. While the CY 1Q is typically a seasonally soft quarter and therefore its hard to drive a rebuild of inventory in the quarter, we suspect by 2Q system demand will start to accelerate and this will force restocking from artificially low inventory levels and could results in strong demand and sharply improving margins." JDSU closed at $13.13 a share yesterday.