UPDATE: Stifel Nicolaus Lowers PT to $15 on JDS Uniphase Corporation on Negative Peer Pre-Announcement

Stifel Nicolaus reiterates its Buy rating on JDS Uniphase Corporation JDSU but reduces its price target from $17 to $15. Stifel Nicolaus comments, "Based on EXFO's F3Q12 (May) preliminary results indicating further near term declines in global telecom spending, increased pessimism regarding Europe (26% of JDSU FY11 revenue), and a still sluggish optical demand environment, we are trimming our JDSU estimates for F4Q12 (June) and for FY13 to below consensus." JDSU closed at $9.65 on Friday.