UPDATE: Piper Jaffray Reduces PT to $13 on JDS Uniphase on Macro Impact to Carrier Spending

Piper Jaffray reiterates its Overweight rating on JDS Uniphase

and lowers its price target from $14 to $13. Piper Jaffray notes, "We are lowering our estimates and price target on JDSU shares given weakness from end customers and disappointing guidance from other optical component and test & measurement suppliers. While we continue to believe spending on optical equipment will improve during the 2H of 2012, we are now pushing the ramp further out and lowering estimates. We believe JDSU's valuation currently prices in some of these concerns, but we think the stock will continue to experience short-term downward pressures before evidence of a longer-term recovery begins. As a result, we are maintaining our Overweight rating, but lowering our price target to $13." JDSU closed at $9.94 a share yesterday.