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UPDATE: Stifel Nicolaus Raises PT on JDS Uniphase Following F4Q13 Results

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In a report published Wednesday, Stifel Nicolaus analyst Patrick Newton reiterated a Buy rating on JDS Uniphase (NASDAQ: JDSU), and raised the price target from $16.00 to $19.00.

In the report, Stifel Nicolaus noted, “JDSU's F4Q13 (June) results generally matched our previewed expectations with revenue of $421.3 million, at the low end of guidance and behind consensus expectations. Pro forma EPS of $0.13 matched consensus despite lower than expected revenue and margins, largely on a tax benefit. Surprisingly, CommTest exceeded expectations in the quarter with revenue coming in at roughly the midpoint of guidance given share gains, robust Ethernet trends (up 37% q/q), and record 100G quarterly revenue. JDSU is taking a cautious F1Q14 (September) view given ongoing macro softness, providing a below consensus revenue guidance range of $410-$430 million compared to our and the consensus expectation of $426.0/$433.2 million, respectively. Implicit F1Q14 (September) pro forma EPS guidance of $0.12 compared negatively to our prior estimate and the consensus of $0.14.”

JDS Uniphase closed on Tuesday at $14.80.

Posted-In: Patrick Newton Stifel NicolausAnalyst Color Price Target Analyst Ratings


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