JDS Uniphase: Strategy Intact; Expect Continued Execution
November 25, 2009 8:39 AM
Thomas Weisel Partners reiterated their “Overweight” rating for JDS Uniphase Corporation (NASDAQ: JDSU), while raising their estimates. The target price is set to $10, this represents a premium of over 33% over yesterday’s closing price of $7.40.
The Firm Said “our research suggests that JDSU current portfolio and strategy are still under-appreciated by the financial markets and with rebounding demand in a majority of the company’s end markets the company is just a quarter away from delivering material y/y reacceleration in earnings and revenue growth. The company remains committed to continuing its streamlining activity, sustaining investment in target opportunities, and continuing to deploy its now steady stream of free cash flows in further enhancing its portfolio through synergistic acquisitions.”
The brokerage firm raised their EPS for the FY10 to $0.33 from $0.32, earlier and revenue to $1314.6 million from$1313.60 million. For the FY11, it maintained its previous estimates of $0.42 a share on $1385 million of revenues.
JDSU is trading up 4.19% in the pre-market session.
