Needham & Company Upgrades JDS Uniphase (JDSU) to Buy

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Needham & Company upgraded JDS Uniphase (NASDAQ: JDSU) from Hold to Buy with a price target of $18.00 on strong Q4 and solid outlook.

The firm comments, "Beat Expectations, Gave a Solid Guide for the Seasonally Weak Quarter and Was Solidly Constructive on CY13 on Call. Stronger than expected results in T&M helped JDSU beat on Revs and better than expected Operating Margins in all three units helped JDSU beat EPS handily with $0.18/sh, up from $0.14 forecasted. JDSU was off 5% in trading before they reported results after the close. It looks poised to recoup that plus some based on post result indications of up 14%."

The firm raised FY13 EPS from $0.59 to $0.62 and FY14 from $0.74 to $0.78.

For an analyst ratings summary and ratings history on JDS Uniphase click here. For more ratings news on JDS Uniphase click here.

Shares of JDS Uniphase closed at $12.40 yesterday, with a 52 week range of $8.47-$15.17.

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