JDS Uniphase Up 6% On Upgrde

JDS Uniphase Corporation

is up strongly this morning, gaining more than 6% after the company was upgraded at Piper Jaffray. Analyst Troy Jensen raised his rating to Overweight from Neutral and raised his price target on the stock to $17 a share from $13. In the research note Jensen wrote, "We continue to believe the optical space has shifted from a cyclical industry to a secular growth market and believe JDSU will benefit given the attractive growth expected for this space. We also anticipate the LTE market will be a significant driver for JDSU in 2011 given the company's expansive offering of test and measurement equipment for this new service offering. JDSU continues to do an excellent job of growing revenues and expanding operating margins and we believe the December quarter is tracking toward the high-end of guidance and comfortably above consensus." At last check, shares of JDSU were trading at $14.26, a gain of 83 cents or 6.22%‎.