UPDATE: Stifel Nicolaus Cuts PT to $17 on JDS Uniphase; Weak Guidance
Stifel Nicolaus increases its price target from $19 to $17 on Buy-rated JDS Uniphase (NASDAQ: JDSU) as demand acceleration is taking a while to happen.
Stifel Nicolaus notes, "JDSU's results and guidance were reflective of a continued challenging service provider spending environment, with the disappointing print not entirely surprising given supply chain commentary, but a magnitude greater than we had anticipated. F3Q12 (March) revenue came in slightly below the low-end of guidance on softer than expected results from both Optical Communications and CommTest, while pro forma EPS was in line with consensus. F4Q12 (June) revenue guidance calls for a sequential increase, however the revenue range was well below our and consensus expectations, although pointing to a likely bottom in both revenue and margins in the March quarter."
JDSU closed at $12.04 on Wednesday.
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