UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on JDS Uniphase

In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on JDS Uniphase JDSU, and slightly raised its price target from $13.00 to $14.00. Piper Jaffray noted, “JDSU delivered solid FQ4 results against a challenging macro backdrop and management still expects carrier spending to modestly increase in 2H12. While there is a risk that carriers could still lower their existing capex plans, we believe the reward outweighs the risk, particularly if optical demand continues to ramp, which should translate into margin expansion and accelerating EPS growth. Therefore, we are reiterating our Overweight rating and raising our price target to $14 (prev $13) on shares of JDSU.” JDS Uniphase closed on Tuesday at $10.68.