UPDATE: Piper Jaffray Raises PT to $16 on JDS Uniphase on Improved Demand Trends for 2013

Piper Jaffray reiterated its Overweight rating on JDS Uniphase

and increased its price target from $12 to $16. Piper Jaffray noted, "We believe the compressed level of telco capex spending has created pent up demand for the industry, and the increased spending intentions from some of the largest telco service providers should help JDSU and others experience stronger than expected sales in the 2H of 2013. In addition, we believe JDSU has done a nice job of taking share from some of the other optical component suppliers during the recent downturn and will likely see better growth as the optical upgrade cycle kicks in during 2013." JDS Uniphase closed at $13.16 on Monday.