UPDATE - UBS Initiates Coverage on JDS Uniphase (JDSU) with a Buy; Diversified Market Leader, But Patience Required

UPDATE - UBS initiates coverage on JDS Uniphase (Nasdaq: JDSU) with a Buy rating. PT $13.

UBS analyst said, "JDSU is a diversified market leader selling communications test equip. (~45% of sales), optical components and lasers (42% of sales), and other advanced optical technologies (13%). It leads across many of its product end markets, including fiber test eqpt., ROADMs, and tunable XFPs. Its customers include service providers (~75-80% of sales), enterprises, network equip manufacturers and govts."

"$13 target is based on 14x our FY13 EPS estimate of $0.93. While JDSU is in the midst of an inventory correction, we see valuation as attractive at ~11.5x P/E vs. 15x avg in last yr and a 3% discount vs. 19% premium to S&P 500."

To see more ratings on JDSU, Click Here

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