UPDATE: Piper Jaffray Lowers JDS Uniphase's PT

According to a research report published this morning, Piper Jaffray has lowered JDS Uniphase's

PT from $16 to $14. In the report, Piper Jaffray said, "JDSU's FQ3 results and forward quarter guidance fell short of Street expectations, reflecting an ever present tight Telco spending environment. Comments from JDSU and other companies with Telco exposure continue to indicate that carrier spending is set to resume growing in 2H12. At worst, we believe shares of JDSU are appropriately valued for A non-growth environment but continue to view the shares as attractive based on future growth opportunities. Recent operating changes to CommTest should allow the company to expand margins and drive EPS growth with a resumption of CCOP growth further contributing to earnings growth." Piper Jaffray maintains its Overweight rating on JDS Uniphase, which closed yesterday at $12.04.